Nakamoto fell to an all time low of $4.70 after completing a 1 for 40 reverse stock split, deepening pressure on the Bitcoin treasury firm as it works to preserve its Nasdaq listing.

The reverse split became effective at 12:01 a.m. ET on May 22, with Nakamoto’s common stock continuing to trade on Nasdaq under the NAKA ticker. The company said the move was designed to support compliance with Nasdaq’s $1 minimum bid price requirement for continued listing.

Under the split, every 40 pre split shares were combined into one share. Nakamoto said the number of authorized shares and the stock’s par value would remain unchanged, while holders would retain proportionate voting rights.

The stock had already collapsed more than 99% from last year’s highs, making the reverse split a defensive move rather than a sign of renewed investor demand. CoinDesk previously reported that Nakamoto pursued the split after trading below Nasdaq’s minimum bid threshold, while also registering more than 400 million shares for resale and outlining up to roughly $7 billion in potential future securities issuance.

The decline underscores the pressure facing Bitcoin treasury companies that rely on equity markets to fund accumulation strategies. For Nakamoto, the split may solve the listing math, but the market reaction shows investors remain focused on dilution risk, balance sheet pressure, and whether the company can rebuild confidence after its stock collapse.