Kindly MD's stock plunged 51% following the release of PIPE shares linked to an S-3 registration, significantly increasing market supply. CEO David Bailey advised short-term traders to exit as the company transitions to a Bitcoin treasury model, warning of potential volatility. The S-3 registration, filed on September 12, 2025, converted a $200 million PIPE into publicly tradable shares, leading to a selloff. Trading volume soared to 80-89 million shares, marking the highest level since February. The company's market cap dropped to $504 million, falling below the estimated Bitcoin holding value of $663 million for 5,765 BTC. The mNAV decreased to 0.75, indicating a market cap lower than the company's Bitcoin assets. Investors are urged to assess their alignment with Kindly MD's long-term Bitcoin strategy amid ongoing market fluctuations.