"Bitcoin Treasury Experiences 50% Drop Following CEO's Suggestion to Depart, as Letter from Formative Figure Nakamoto Surfaces"
In a significant move, Kindly MD, a healthcare company that recently merged with Nakamoto Holdings, a Bitcoin-native holding company, has announced its transition into a Bitcoin treasury operation. The company's shares, trading on the Nasdaq under the ticker NAKA, have seen a dramatic shift following this announcement.
The company's CEO, David Bailey, confirmed the transition, stating that Kindly MD aims to build the defining Bitcoin-native financial institution. However, this change has caused uncertainty for investors, as Bailey also advised short-term investors to exit due to anticipated volatility in the bitcoin price.
On February 12, the company saw a record-breaking share volume, with 219 million shares changing hands before the closing bell, marking the highest volume since that date. Today, the number of shares traded has once again reached this high, with the shares trading more than 80 million times, as stated by David Bailey.
The transition has also led to the approval of trading previously restricted shares from a $200 million PIPE deal by the SEC. Despite this, Kindly MD's shares have plummeted over 54% to $1.26 following the approval.
The company's current market cap to Bitcoin value ratio (mNAV) stands at 0.75, indicating that the company's market capitalization is currently smaller than the value of its 5,765 Bitcoin holdings. The current bitcoin price values the company's Bitcoin holdings at approximately $663 million.
In a related development, T. Ritson Ferguson has taken over as the CEO of Kindly MD, following the company's merger with Nakamoto Holdings. Ferguson was appointed by the board on September 11, 2025, and will also join the Audit Committee.
Nakamoto Holdings is now a wholly owned subsidiary of Kindly MD and operates the Bitcoin financial services line of business under the Nakamoto brand.
When contacted for comment, Kindly MD did not immediately respond to a request from Decrypt.
David Bailey emphasized that Kindly MD is more than a healthcare company with a Bitcoin treasury, signalling the company's ambition to make a significant impact in the Bitcoin-native financial sector. The exact details of this new direction are yet to be fully disclosed, but one thing is certain - the future of Kindly MD is firmly rooted in Bitcoin.
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