Nakamoto Holdings faces a sharp market backlash as its bitcoin bank vision takes center stage. The company’s focus keyphrase is bitcoin bank, and investor reaction has been swift.
Shares sink after funding moves
KindlyMD (NASDAQ: NAKA), parent of Bitcoin Treasury Nakamoto, saw its shares plunge over 40% after unveiling a $5 billion at-the-market equity program. According to the source, the move raised concerns about capital dilution. The bitcoin bank pitch arrived alongside a $30 million investment in Metaplanet, further pressuring sentiment.
Meanwhile, the $30 million commitment to Metaplanet is Nakamoto Holdings’ largest single investment to date. It is also the first in an Asian public company focused on Bitcoin accumulation. The funding is expected on September 16, 2025.
‘Bitcoin bank’ vision challenges old model
On September 14, 2025, CEO David Bailey criticized “failed altcoins” for “muddling the narrative” in the crypto treasury sector. He stated that “the old model of crypto treasuries is failing, giving way to a new system: the bitcoin bank.” As a result, the bitcoin bank narrative now anchors the firm’s strategy.
Therefore, investors are weighing dilution risk against this repositioning. The bitcoin bank thesis hinges on balance-sheet Bitcoin exposure and strategic stakes, according to the source.
What to watch next
The near-term focus centers on three milestones that could clarify execution and sentiment.
First: Execution of the $5 billion ATM and its pace.
Second: Completion of the $30 million Metaplanet funding on September 16, 2025.
Third: Market response to the bitcoin bank strategy in the coming weeks.
For background on how stable-value assets interact with treasury strategies, see our guide on how stablecoins work. For a primer on at-the-market offerings, see this overview from Wikipedia.