What I'm going to say is 100% pure speculation, I haven't put hardly any time into the NAKA deal, but I have evaluated other of these PIPE deals....

David's sorta panicked state over the last few days, and his now very sincere effort to "reassure" stockholders leads me to believe he got over his skis a bit here.

Odds are he was either told, or just sorta assumed that all the PIPE investors weren't just going to dump once they unlocked. He probably felt something like "Bitcoin treasury companies are such a good long term hold why are they going to dump for a mere 2x return, when it could be 10x a year from now".

But, well welcome to wallstreet. Now its dawned on him that he has unwittingly dumped on his core constituency. Obviously this situation can turn around...and maybe now all the profit takers are cycled out....but nonetheless he definitely gave off the vibe that he is stressed.

Yeah but it could get much worse retail are getting rugged but they still have 5k BTC on the balance sheet