Nakamoto (NAKA) CEO David Bailey has raised concerns about the vulnerability of Bitcoin treasury companies to hostile takeovers, as highlighted in a recent Bloomberg interview. Bailey noted that these companies are increasingly becoming targets for mergers and acquisitions, with Nakamoto itself appearing susceptible due to its declining stock performance. NAKA shares have plummeted to $0.75, trading below the value of the Bitcoin the company holds. This has resulted in a market capitalization 85% lower than its Bitcoin holdings, with a market-adjusted net asset value (mNAV) of just 0.009x. The company faces significant pressure, as hostile takeovers often involve acquiring a controlling stake or rallying shareholders against management. To counter such threats, companies may employ strategies like staggered board elections or poison pills.