Overview

• Shares fell to roughly $1.26 in a one-day drop of about 54–55% with exceptionally heavy volume reported between 80 million and 89 million shares.
• The company’s Sept. 12 S-3 made previously restricted $200 million PIPE shares freely tradable, triggering broad selling pressure.
• CEO David Bailey told short-term investors to leave in a shareholder letter, saying the firm seeks an aligned, long-term holder base.
• Following its merger with Nakamoto Holdings, KindlyMD now holds about 5,744–5,765 BTC, yet its market capitalization sits below the value of those holdings, with mNAV reported near 0.75.
• The firm has an at-the-market program of up to $5 billion that has raised dilution concerns, while some analysts allege insider selling contributed to the slump.