Shares in KindlyMD Inc., a healthcare-turned-Bitcoin holdings company, dropped by 55% after CEO David Bailey warned of increased volatility and urged short-term traders to sell. The company recently completed a $200 million discounted share sale through a PIPE offering, causing concerns among analysts about the crypto treasury industry.
Investors followed Bailey’s advice to exit, with shares closing at $1.24, marking a 55.4% loss. KindlyMD’s stock price hit its lowest point since February despite its recent Bitcoin holdings and merger with Nakamoto Holdings. Bailey sees the PIPE deal as an opportunity to align shareholders with the company’s long-term vision.
The drop in KindlyMD’s share price has caused its mNAV to fall to 0.7, below the value of its Bitcoin holdings worth over $665 million. Despite the market capitalization being $466 million, Bailey remains committed to establishing the company as a leading Bitcoin-native financial institution through strategic execution and creative thinking.
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