The data report a significant fall in the action of Nakamoto Holdings. In question? A letter from his CEO, David Bailey, inviting investors to get out if they doubt the company's bitcoin strategy. We give you all the details in the following paragraphs.
In short
- The action of Nakamoto Holdings collapses despite significant Bitcoin reserves not valued by the market.
- Its MNAV² BTC accumulation model arouses skepticism and worries about its real viability.
Capitalization lower than Bitcoin reserves
In the space of 24 hours, the actions of the Bitcoin Nakamoto Holdings cash company have lost 54 %. More precisely, they are now negotiated around $ 1.26. This is a loss of more than 90 % since its peak at the end of August.
A figure particularly draws the attention of investors: the MNAV ratio, which is now 0.75. It reflects the market value of Nakamoto reported to its reserves of 5,765 bitcoins, estimated at $ 663 million.
Currently, the market therefore values the company below its assets. Disalizing accentuated by the rapid transformation of KindlyMD (formerly a medical company) into a crypto financial player. That's not all! Generally, MNAV ratios close to 1 also point out growing skepticism.
According to Grayscale, the fall of Actions of Nakamoto reflects a broader trend. The fact is that investors no longer pay premium to access digital assets via listed actions. Added to this is the rapid emergence of DAT (Digital Asset Treasuries) which seems to reach its limits.
Still young, this model will have to prove its viability in the face of the requirements of traditional markets. And precisely, the Nakamoto case may well become life -size test.
An atypical and risky strategy
Nakamoto adopts a BTC accumulation method Called Mnav². It consists in recycling the premiums for the emission of its actions to strengthen its reservations in Bitcoin, without direct dilution. This positioning is opposed to that of Strategy and Metaplanet. The latter bet on debt or massive issues of titles.
More concretely, Nakamoto bets on future valuation. In the event of a new decline, David Bailey thus talks about the possibility of Sell Bitcoin to stabilize the MNAV. A measure deemed defensive, in a context where no operational income supports growth!
The current case of Nakamoto therefore relaunches the debate on the use of Bitcoin as a treasury asset. As finance explores the potential of this cryptocurrency, the balance between speculation, governance and transparency becomes more strategic than ever.
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