Nakamoto (NAKA) stock price drops below BTC value as PIPE equity unlocks

Core Insights - KindlyMD's Nakamoto (NAKA) experienced a significant decline of over 55% on September 15, trading below the value of its bitcoin holdings, with a market cap now at approximately $466.4 million, which is a 43% discount to its bitcoin assets valued at $665.8 million [1][4]. Group 1: Market Activity - The selloff was triggered by the effectiveness of a Form S-3 resale registration on September 12, allowing PIPE investors to sell stock in the open market [2]. - The PIPE investors include those from a $51.5 million PIPE priced at $5.00 per share completed in June, and a larger initial PIPE at $1.12 per share from May [2]. Group 2: Financial Developments - Nakamoto's capital build began with a merger agreement in May, which included approximately $511.7 million of initial PIPE commitments at $1.12 per share, followed by the $51.5 million add-on at $5.00 in June [3]. - On August 15, the company closed a $200 million senior secured convertible note with an initial conversion price of $2.80 per share [3]. - The company executed its first post-merger purchase of 5,743.91 BTC for about $679 million on August 19, and established a $5 billion at-the-market program on August 26 [3].