At the end of yesterday's trading, David Bailey's Bitcoin Treasury Company Nakamoto (Naka) had lost 90% of its stock price and multiple asset values (MNAV). More and more desperate to restore investor trust, he vowed to “become as sic as possible to Bitcoin.”
Bailey's company was to somehow create a successful company of Bitcoin Treasury, a Bitcoin Treasury company, after Nakamoto began trading at $28.51 on the Nasdaq debut.
Riding on the early success of coattails by Michael Saylor's MicroStrategy (MSTR) and Tether's Twenty One (CEP), Bailey and Nakamoto wanted to take advantage of the Spring Guys of the Cryptocurrency. By May 22nd, his stock reached an all-time high of $34.77.
Read more: Trump's BTC U-turn is not about money, says David Bailey
Yesterday, these same stocks were closed for trading 90% lower $3.28.
KindlyMD's stock, previously traded under KDLY ticker and now under Naka, has not distributed all of its shares to private placement investors and has also been pending stock trades with UTXO Management later this year.
These unlocks add additional sales pressure by the end of 2025.
read more: David Bailey Nakamoto exceeds 23x MNAV, 11x higher than MSTR
With stocks already falling 90% and increasing numbers of stocks on the market soon, investors are struggling to figure out how to get Bailey to make this vessel right.
About four months ago, the problem worsened on May 12th, with Naka trading at a multiple of 23 times at Net Asset Value (MNAV). Today, that MNAV is less than three times as high.
The company owns $642 million worth of BTC, known as NAV, but it has convinced investors that the future outlook for the “Global Portfolio of Bitcoin Native Companies” is a market capitalization of $1.4 billion.
Investors blame Bailey for Nakamoto's poor performance
That's it Both MNAV and stock prices fell 90% Needless to say, since the end of yesterday, many investors are skeptical of Bailey's performance since May.
“You didn't put everything in Bitcoin by making it public. You got everything into Wall Street,” one of his followers criticized.
“Turn this garbage stock. I've never seen it move like it was inside,” lamented someone else. Another observer simply responded to Bailey with a devastating chart of crater prices in Naka.
KindlyMD has been actively maintaining the healthcare side of its business, recently appointing a new chief medical officer. However, BTC-focused equity investors have banished most of the company's legacy healthcare investors.
Since he joined the company on May 12, Bailey has failed to reverse the downward trend of Naka, despite his considerable media and conference business, his personal relationship with Donald Trump, and six-figures on X.
