“Bailey’s Strategy-inspired bitcoin treasury company, KindlyMD, exemplified the struggles of many of its peers this year.”, — write: www.coindesk.com
This feature is a part of CoinDesk’s Most Influential 2025 list.
Then a little-known microcap healthcare company, KindlyMD in May announced a merger agreement with Bailey’s Nakamoto Holdings, backed by more than $700 million in financing, to start a bitcoin treasury company. Shares in Kindly (then with the ticker KIND, but soon changed to NAKA) soared from around $2 to more than $30 within days. That was the top.
Despite Bailey’s campaign of nearly non-stop bull posting on X, NAKA shares fell through spring and summer even as the price of bitcoin rose. With the completion of the merger in mid-August, things got really ugly. As early investors became able to sell their shares about one month later, they did. Bailey, in one of the most curious moves ever for a public company CEO, even encouraged it. “For those shareholders who have come looking for a trade, I encourage you to exit,” he wrote in a September letter. Exit they did.
Trading at about $0.45 this week, KindlyMD shares are down about 99% from their high and worth about 25% of what they were fetching prior to the merger agreement with Bailey’s Nakamoto Holdings.
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The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm’s business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy’s bitcoin-heavy strategy secured its spot.
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