According to the source, Nakamoto’s CEO told shareholders in a letter that he encourages them to exit, signaling an adverse governance and liquidity event for the company (source: CEO letter referenced in the provided report). Following the letter, Nakamoto’s shares fell about 50% during the session, indicating acute downside volatility and heavy selling pressure (source: the same report). The company is characterized as a Bitcoin treasury play with BTC on its balance sheet, meaning the stock offers indirect BTC exposure that can amplify company-specific risk in crypto-linked equities (source: the same report).