According to Nasdaq data, KindlyMD’s shares sank over 50% in a day and more than 90% in a month amid a $540 million issuance plan and weak Bitcoin treasury sentiment.
KindlyMD’s stock fell 54% to $1.28 within 24 hours, extending its monthly decline beyond 90%. The Nasdaq-listed firm, which pivoted from medical technology to Bitcoin holdings after merging with Nakamoto Holdings, had acquired 5,744 BTC in August for $679 million. The drop follows investor concerns over a $540 million share issuance to grow its Bitcoin reserves, combined with dilution fears and waning demand in the digital asset treasury (DAT) market. Additional pressure came from declining premiums and outflows in Bitcoin exchange-traded products, while institutional interest reportedly shifted toward Ethereum and altcoin DATs such as Solana and Sui. Analysts warn the muddled treasury narrative could weigh on the company’s long-term valuation.