The stock of healthcare company KindlyMD tumbled by 55% on Monday, Sept. 15, after CEO David Bailey advised shareholders who do not share the company’s long-term vision to “exit.” The stock closed at $2.78 on Sept. 12 before plunging to $1.24 on Sept. 15. The drop came after the company released a letter to shareholders acknowledging the volatility that has beset its stock since announcing its intention to merge with the bitcoin treasury company Nakamoto Holdings.

As previously reported by Bitcoin.com News, KindlyMD and Nakamoto Holdings initially announced the merger plans on May 12, but the deal was finalized only in August. Following the initial announcement, KindlyMD’s stock surged to a high of $13.69 and by May 27, it had reached a peak of $25.03. However, the stock then began a gradual descent that saw it reverse most of the gains before rallying again.

Since Aug. 15, when it traded around $15, the stock has been on a downward path, prompting the company to issue a letter reassuring shareholders.

“The entire public Bitcoin treasury space has been tested in recent months, yet this is exactly when conviction matters most. The question is not whether challenges exist—they always do—but whether the principles that guide us remain intact,” Bailey wrote in the letter.

To further reassure shareholders seemingly rattled by the stock’s price action, Bailey touted his team’s experience and the resilience it has shown for more than a decade. The letter also expresses the company’s strong confidence in bitcoin’s future as a global reserve asset and asserts that its deep expertise, long-term commitment, and strategic vision position it and its shareholders to lead the next wave of growth in the crypto industry.

However, Bailey warned shareholders of further volatility as shares sold in KindlyMD’s private investment in public equity (PIPE) fundraising are set to enter the market. According to the CEO, this period of volatility is important because it will shake out shareholders who do not share the company’s long-term vision.

“The foundation we build over the next few weeks and months will propel our strategy forward, for those that want to be part of it. For those shareholders who have come looking for a trade, I encourage you to exit. This transition may represent a point of uncertainty for investors, and we look forward to emerging on the other side with alignment and conviction amongst our backers,” Bailey stated.

The CEO ended the letter by saluting shareholders who have stood with KindlyMD since it began its new journey and expressed hope they would join it in this “exciting” next chapter.

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