Nakamoto Holdings, previously known as KindlyMD, has seen its stock plummet by 96% from its peak in May, following its transition to a 'Bitcoin Digital Asset Treasury' (DAT). The dramatic decline was exacerbated by a 54% drop in a single day after PIPE shares were unlocked on September 12, 2025. CEO David Bailey's call for short-term traders to exit failed to stabilize the situation, as internal sell-offs and criticism from industry figures like Scott Melker added to the turmoil. The company's strategy involved raising $2 billion through PIPE and convertible debt to accumulate Bitcoin, but skepticism persists due to its lack of sustainable profitability. Analysts have drawn parallels to the 2021 SPAC bubble, cautioning about potential risks. While the concept of a Bitcoin treasury remains attractive, not all companies can replicate the success of firms like MicroStrategy.