David Bailey, CEO of newly formed Bitcoin treasury company Kindly MD, cautioned that the firm could be headed for volatility and said he would prefer naysayer investors leave now.

“For those shareholders who have come looking for a trade, I encourage you to exit,” he said in a shareholder letter Monday. “This transition may represent a point of uncertainty for investors, and we look forward to emerging on the other side with alignment and conviction amongst our backers.”

Bailey was referring to the company having submitted its S3 registration to the SEC on Friday, Sept. 12. The $200 million private investment in public equity offering,(PIPE) or PIPE, deal that the company used to raise funds offered shares to investors at a discount. Those investors were restricted from selling shares until the S3 was registered. TAnd now that it has been, those new shares are now freely tradeable on the open market.

Many investors who were feeling uneasy about Kindly MD, which trades on the Nasdaq under the NAKA ticker, have indeed headed for the exits. The company’s shares plummeted more than 54% to trade at $1.26.



This is the lowest the stock has been since February. And trading volume has reached above 89 million shares, which is the highest it’s been since an seemingly unexplained rally on February 12, when the company saw 219 million shares change hands before the closing bell, according to Yahoo Finance.

“Almost 80 million shares have traded today,” Bailey wrote on X. “Once again I’m humbled by the support and look forward to meeting all our new shareholders!”

In November 2024, the company closed below $1 more often than now, according to Yahoo Finance data. Nasdaq rules specify that if a company’s shares close below a dollar for 30 consecutive days, it will ’ll be issued a warning and given 180 days to remedy the situation. Things didn’t go that far for NAKA, but it’s happened to other treasury companies.

Kindly MD did not immediately respond to a request for comment from Decrypt.

The publicly traded healthcare company completed its merger with Nakamoto Holdings, a Bitcoin-native holding company, a month ago. As part of the deal, Nakamoto Holdings became a wholly owned subsidiary of Kindly MD and is charged with operating the Bitcoin financial services line of business under the Nakamoto brand, according to a press release.

At the time of writing, the company’s current mNAV, has fallen to 0.75, according to Bitcoin Treasuries. The mNAV is the ratio between a company’s market cap and the value of the Bitcoin or other assets it holds. So that means its $504 million market capitalization is smaller than the value of its 5,765 Bitcoin, which is worth about $663 million at the current BTC price.

“We are more than just a healthcare company with a Bitcoin treasury,” Bailey wrote in his letter. “Our mission is to build the defining Bitcoin-native financial institution.”

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