The US stock micro-strategy sector has once again faced a crisis. A publicly listed company, Kindly MD (stock code NAKA), with a financing scale of $763 million and focusing on Bitcoin accumulation strategies, has received a Nasdaq delisting warning after its stock price fell below $1 for 30 consecutive trading days.

This company holds 5,398 Bitcoins, ranking 19th among global listed Bitcoin treasury companies. The achievement sounds impressive, but the reality is quite harsh—after the cooling of the US stock micro-strategy sector, more and more companies whose core business is cryptocurrency accumulation are encountering issues.

Falling stock prices, liquidity shortages, and financing difficulties are emerging one after another. The most absurd case is that some micro-strategy companies are forced to sell their holdings just to maintain their listing status, illustrating how serious the problem is.

Once hailed as an "innovative investment strategy," the micro-strategy model is now undergoing a brutal market test. When Bitcoin prices fluctuate and financing channels tighten, the vulnerabilities of these companies are fully exposed.