Shares in the Bitcoin-buying firm KindlyMD dropped 55% after CEO David Bailey encouraged low-conviction traders to exit.
Shares in the healthcare-turned-Bitcoin holdings company KindlyMD Inc. halved on Monday as its CEO warned of an upcoming increase in “share price volatility” and encouraged short-term traders to sell if they’re only looking to profit.
“We expect share price volatility may increase for a period of time,” David Bailey said in a shareholder letter on Monday, citing the firm’s regulatory filing on Friday registering a $200 million discounted share sale to private investors.
KindlyMD’s deal, called a private investment in public equity (PIPE) offering, raised money by offering its shares at a discount, and its filing on Friday allowed those investors to freely trade their shares.
