Nakamoto, a prominent Bitcoin treasury company, has announced a reverse stock split with a ratio approved by shareholders ranging from 1-for-20 to 1-for-50. This decision comes amid significant financial challenges, as the company reported a 500% increase in revenue for the first quarter of 2023, yet faced a staggering $238.8 million net loss. A substantial portion of this loss, exceeding $102 million, was attributed to a mark-to-market decline in the value of its Bitcoin holdings, which fell by 23% during the quarter. In response to these financial pressures, Nakamoto sold 284 Bitcoin on March 31 to manage its operational costs and did not make any additional Bitcoin purchases during this period. Currently, Nakamoto holds 5,058 Bitcoin, making it the 20th largest Bitcoin treasury company, trailing ProCap Financial, which has 5,457 Bitcoin. The leading treasury remains with Strategy, owned by Michael Saylor, which boasts over 843,000 Bitcoin on its balance sheet. As the market for Bitcoin continues to fluctuate, many treasury companies, including Nakamoto, are reevaluating their strategies regarding Bitcoin acquisitions and debt management.