Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, lent support to David Bailey on Tuesday, whose newly formed Bitcoin (CRYPTO: BTC) treasury company Kindly MD Inc. (NASDAQ:NAKA) was going through a financial rough patch.
NAKA shares are climbing. Get the complete picture here.
David Bailey Admits Stock Woes
Scaramucci took to X, saying, “Keep going, David. All will be well,” in response to Bailey’s admission of his company’s poor stock performance.
Bailey, known for his role as CEO of Bitcoin Magazine and as Bitcoin advisor to President Donald Trump, said that the slump has resulted in financial losses and frustration among investors, but he was confident of a comeback.
“Others are eager to dance on the grave or root against us,” he said, pointing toward critics. “For everyone who reached out with kind words of encouragement, thank you. You're a real one and I'll remember it. Means a lot.”
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What Has Gone Wrong For NAKA Stock?
Bailey’s remarks come after the company’s stock crashed more than 50% on Monday, possibly linked to an SEC filing that unlocked previously restricted shares.
In a shareholder letter, Bailey expected the price volatility to last longer and advised “shareholders who have come looking for a trade” 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,” he added.
The company’s market valuation, at $564.22 million, was lower than the value of its Bitcoin holdings, at $673 million, signaling a dent in market confidence. In contrast, Michael Saylor’s Strategy Inc. (NASDAQ:MSTR) was trading at a premium to its BTC holdings.
Price Action: NAKA shares rebounded 6.67% in after-hours trading after closing 20.97% higher at $1.50 during Tuesday’s regular trading session, according to data from Benzinga Pro.
The stock was found to be in a downward trend over the short, medium and long term. How does it compare with Strategy and other Bitcoin-focused treasury companies? Visit Benzinga Edge Stock Rankings to find out.
Anthony Scaramucci | Photo courtesy: Al Teich / Shutterstock.com
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