In brief
- Kindly MD shares crashed over 54% to $1.26 after the SEC approved trading of previously restricted shares from a $200 million fundraising deal.
- CEO David Bailey encouraged short-term investors to exit, warning of volatility as the healthcare company transitions into a Bitcoin treasury operation.
- The company’s market cap of $504 million now trades below the $663 million value of its 5,765 Bitcoin holdings, creating a discount opportunity.
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
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Author: Stacy Elliott
