Most Influential: David Bailey
David Bailey's bitcoin treasury company, KindlyMD, experienced a dramatic collapse following a merger, losing nearly 99% of its share value.Summary
The year 2025 is marked by the rise and fall of hastily formed bitcoin treasury companies mimicking Michael Saylor's Strategy, with David Bailey's KindlyMD being a high-profile example. Bailey, formerly CEO of Bitcoin Magazine and a figure associated with Donald Trump's campaign, led KindlyMD, which merged with his Nakamoto Holdings in May, backed by over $700 million in financing, to become a bitcoin treasury firm. Following the announcement, shares (ticker NAKA) surged from about $2 to over $30, but subsequently plummeted despite rising bitcoin prices. After the merger finalized in mid-August, the situation worsened, especially when early investors could sell their shares a month later. Bailey notably encouraged shareholders seeking a trade to exit. Currently trading around $0.45, KindlyMD shares are down approximately 99% from their peak and are worth only about 25% of their pre-merger agreement value.
(Source：CoinDesk)