Resolution Criteria

The market RESOLVES TO YES if any of the following occur to Naka, the Bitcoin-accumulating treasury / investment company, on or before April 30, 2026, 23:59 UTC:

1. Insolvency or Bankruptcy

• Naka formally files for bankruptcy, insolvency, liquidation, or an equivalent status in any jurisdiction.

• OR a court, regulator, or administrator places the company into such proceedings.

2. Operational Shutdown

Naka publicly announces that it is:

• shutting down,

• discontinuing its treasury operations,

• halting all business activities,

• or winding down the company.

A simple “pivot,” rebrand, or restructuring does not qualify unless it includes ceasing the main business entirely.

3. Proven Mismanagement or Fraud Leading to Collapse

The market resolves YES if:

• auditors, regulators, or legal authorities confirm fraud, misappropriation of funds, embezzlement, or deceptive accounting,
  AND

• as a result, Naka becomes unable to operate or enters dissolution / forced closure.

Rumors or unproven allegations do NOT qualify.

4. Forced Asset Sale Due to Financial Distress

The company is forced to:

• liquidate more than 50% of its Bitcoin holdings
  due to financial distress, margin calls, insolvency risk, or creditor enforcement.

A voluntary rebalancing or normal strategic sale does not qualify.

5. Major Regulatory Enforcement That Shuts Down the Business

A regulator issues an enforcement action alleging fraud, unregistered securities activity, AML violations, or other major breaches that forces Naka to halt operations.

Regulatory fines without shutdown do not qualify.

The Market RESOLVES TO NO if:

• Naka continues operating normally (even if under criticism).

• Bitcoin holdings fluctuate without corporate collapse.

• Leadership changes occur normally without scandal.

• Treasury strategy changes but business continues.

• The company becomes quiet but never shuts down or goes insolvent.

Verification Sources

Resolution must come from publicly verifiable information, such as:

• official filings (bankruptcy courts, corporate registries)

• regulatory enforcement documents

• verified public statements from Naka

• reputable news outlets (Reuters, Bloomberg, CNBC, CoinDesk, FT, WSJ)

• audited reports or legal disclosures

Unverified social media claims (X/Twitter), rumors, or anonymous posts do not count.