Nakamoto ($NAKA), a Bitcoin treasury company, has experienced a dramatic 96% decline in its stock value over the past six months. The sharp drop is attributed to the company's lack of clear revenue streams, initial overvaluation, and inadequate risk management strategies linked to Bitcoin price fluctuations. The firm's business model, heavily dependent on Bitcoin's appreciation, has been undermined by stagnant or declining BTC prices, raising concerns about the viability of companies that rely primarily on crypto holdings. This significant downturn has eroded investor confidence in treasury-first firms, highlighting the risks associated with such business models.