A publicly-traded healthcare firm holding Bitcoin in its treasury is now staring down potential delisting from the Nasdaq, with shares having plummeted roughly 99% in value. The dramatic collapse highlights growing risks for corporate Bitcoin holders when underlying business fundamentals deteriorate. When companies accumulate cryptocurrency assets as treasuries—a strategy popularized by some tech firms—they're essentially making a dual bet: on their core business AND on digital asset appreciation. But here's the catch: if the primary business stumbles hard enough, shareholders lose confidence across the board, and no amount of Bitcoin holdings can offset a collapsing stock price. The delisting threshold creates an additional pressure point. Nasdaq regulations require stocks to maintain minimum price floors; a 99% decline doesn't just hurt investor sentiment—it triggers existential corporate governance questions. For a healthcare company, the reputational damage compounds the financial pain. The situation raises important questions for CFOs considering Bitcoin as treasury strategy: diversification only works if your core business remains solid. When operational challenges hit, investors flee regardless of crypto holdings. This case study will likely make board rooms more cautious about aggressive cryptocurrency treasuries without corresponding business strength to back them up.