Bitcoin treasury firm NAKA’s shares and mNAV crashed 90%

As of the close of trading yesterday, David Bailey’s bitcoin treasury company Nakamoto (NAKA) had lost 90% of its share price and its multiple-to-Net Asset Value (mNAV). Increasingly desperate to restore investor confidence, he swore that he was “as all in on bitcoin as you can possible [sic] be.”

Bailey’s firm was supposed to somehow create a successful bitcoin treasury company of bitcoin treasury companies after Nakamoto opened for trading at $28.51 on his NASDAQ debut. 

Riding the coattails of early success by Michael Saylor’s MicroStrategy (MSTR) and Tether’s Twenty One (CEP), Bailey and Nakamoto hoped to take advantage of a springtime mania in the crypto treasury sector. By May 22, his stock reached an all-time high of $34.77.

Read more: Trump’s BTC U-turn not about the money, says David Bailey

Yesterday, those same shares closed for trading 90% lower at $3.28.

KindlyMD’s stock—previously trading under the KDLY ticker and now under NAKA—has yet to distribute all shares to its private placement investors and also has a pending equity deal with UTXO Management later this year.

Those unlocks will add additional selling pressure through the end of 2025.

Read more: David Bailey’s Nakamoto exceeded 23X mNAV, 11X higher than MSTR

With the stock already down 90% and more shares coming onto the market soon, investors are struggling to understand how Bailey is going to right this ship.

Compounding the problem, about four months ago on May 12, NAKA was trading at a 23x multiple to Net Asset Value (mNAV). Today, its mNAV is less than 3x.

The company owns $642 million worth of BTC—known as its NAV—yet has only convinced investors that future prospects for its “global portfolio of bitcoin native companies” are worth a $1.4 billion market capitalization.

Investors blame Bailey for poor Nakamoto performance

With its mNAV and stock price both down 90% from their highs as of yesterday’s close, needless to say, many investors are skeptical of Bailey’s performance since May.

“You didn’t go all in on bitcoin by going public, you went all in on Wall Street,” criticized one of his followers on X. “Let’s pump that $NAKA price David,” reminded another.

“Throw away this trash stock, I’ve never seen moving like NAKA,” lamented someone else. Another observer simply responded to Bailey with a devastating chart of NAKA’s cratering stock price.

KindlyMD still actively maintains the healthcare side of its business, including recently appointing a new chief medical officer. However, BTC-focused equity investors have displaced most of the company’s legacy healthcare investors.

Since he joined the company on May 12th, Bailey—despite his sizeable media and conference businesses, personal relationship with Donald Trump, and six-figure following on X—has not been able to reverse NAKA’s downtrend.

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