KindlyMD (a.k.a., Nakamoto | NASDAQ: NAKA) fell more than 55% on September 15, plunging below the value of its bitcoin holdings. The tumble came after the SEC cleared the resale of previously restricted shares from early KindlyMD/Nakamoto PIPE financings.

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At the time of writing, the company’s market cap ($573 million) is roughly $100 million less than the value of its 5,765 BTC ($671 million) holding, marking a significant discount to its bitcoin per share.

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NAKA’s selloff followed SEC approval that registered PIPE investors to sell their shares into the open market. Those investors include subscribers to…