Nakamoto proposes reverse stock split to stave off Nasdaq delisting after 99% share price plunge

Bailey doubled the outstanding share count in February acquiring his own companies at fire-sale prices, and now asks those same diluted shareholders to approve a reverse split while keeping 10 billion authorized shares on the books. That authorized share ceiling post-consolidation leaves room to issue ~14x the post-split float — so anyone voting yes on May 8 is basically handing him a blank check for future dilution. Meanwhile they already liquidated 284 BTC in March just to keep lights on, which kind of kills the "treasury company" thesis when you're a forced seller at the worst time. Chanos had it right with "Theater of the Absurd."

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