[Nakamoto Announces 1-for-40 Reverse Stock Split, Stock Price Down 99.5% from Last Year's Peak] According to The Block, David Bailey's Bitcoin treasury company Nakamoto announced it will implement a 1-for-40 reverse stock split later this week, aiming to regain compliance with Nasdaq's $1 minimum stock price requirement. Following the announcement, Nakamoto's stock price briefly dropped over 17% to $0.14 before rebounding to $0.16. The current stock price is down approximately 99.5% from its peak of $29 in May last year. The reverse split will reduce the outstanding shares from approximately 696 million to 17.4 million. The company reported a net loss of $238.8 million in the first quarter, primarily due to an unrealized loss of $102.5 million related to Bitcoin prices. The company currently holds 5,058 Bitcoins, valued at approximately $391 million, and sold 284 Bitcoins in the first quarter to fund operations.