{"id":47104,"date":"2025-09-16T17:39:20","date_gmt":"2025-09-16T22:39:20","guid":{"rendered":"https:\/\/bitcoinmagazine.com\/?p=47104"},"modified":"2025-09-25T14:13:02","modified_gmt":"2025-09-25T19:13:02","slug":"bitcoin-price-hits-117000-naka-mstr-fall","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-price-hits-117000-naka-mstr-fall","title":{"rendered":"Bitcoin Price Hits $117,000 as Treasury Stocks Like MSTR, NAKA Collapse"},"content":{"rendered":"
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The hangover from the paper bitcoin summer<\/a> delusion has arrived, swiftly and painfully. We see it, not in the bitcoin price, which is once more calmly and unremarkably ticking upward \u2014 pushing up against $117,000<\/a> Tuesday evening \u2014 but in the stock prices of bitcoin treasury companies. They\u2019re all getting slaughtered<\/em>: Look at the graphs of $MSTR, Metaplanet, $NAKA, H100, Smarter Web Company and they all look the same \u2014 shitcoin-style pump into the heavens, followed by a drawn-out decline back to where they started (or well below it). <\/p>\n\n\n\n

For a while there, we \u2014 and the rest of Wall Street \u2014 thought anyone could arbitrage financial markets. Issue shares at above their intrinsic value; buy bitcoin; repeat.<\/em> For this vertiginous summer fling, Wall Street was paying more than a dollar for a dollar\u2019s worth of bitcoin, and everyone\u2019s eyes lit up with dollar signs; this is a trade that, if you\u2019re able to, you\u2019ll happily do all day long. <\/p>\n\n\n\n

But now that that\u2019s over, there\u2019ll be hell to pay \u2014 and the devil is already out kicking ass and taking names. <\/p>\n\n\n\n

Oh, and it\u2019s not nice to kick a guy who\u2019s already down (and certainly not when that guy is in some sense your boss\u2026) but given that $NAKA fell a whopping 50% the other day after the S3 PIPE shares restriction period ended<\/a> \u2014 having already collapsed some 87% from its May pump-and-dump peak \u2014 it\u2019d be remiss of us price therapists<\/a> not<\/em> to take a second look.<\/p>\n\n\n\n

So, with the outstanding, tradeable float of shares increased overnight some 50x \u2014 and, one would suppose, plenty of second-layer PIPE \u201cinsiders<\/a>\u201d wanna dump-dump-duuuuump \u2014 the formula was pretty simple: lots of extra supply meet no demand equals collapsing<\/em> price. In bitcoin treasury company analyst Adam Livingston\u2019s words<\/a>: \u201cAnd you get a perfect physics lesson here: add mass, you lose altitude.\u201d<\/p>\n\n\n\n

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5. \u201cTreasury mania is over!\u201d Says the critics who have been fading the treasury strategy since we invested in Metaplanet 18 months ago at $15m market cap. The treasury play is just getting started and your lack of vision is why you missed it the first time and will miss it the\u2026<\/p>— David Bailey\ud83c\uddf5\ud83c\uddf7 $1.0mm\/btc is the floor (@DavidFBailey) September 16, 2025<\/a><\/blockquote>