KindlyMD (NAKA) Stock: BTC Treasury Company Faces Nasdaq Delisting After 99% Stock Crash

TLDR

• KindlyMD received a Nasdaq delisting notice on Dec. 10 because shares traded below $1 for 30 consecutive business days
• The company has until June 8, 2026 to maintain a closing price of $1 or more for at least 10 consecutive trading days
• NAKA stock closed at $0.38, down nearly 99% from its yearly peak of $34.77
• The Bitcoin treasury company holds 5,398 BTC worth $474 million but has a market cap of just $256 million
• Problems started in September when restricted shares from a $200 million fundraise were unlocked

KindlyMD received some unwelcome news from Nasdaq. The Bitcoin treasury company got a delisting notice because its stock price fell below the exchange’s minimum requirements.

The notice came on Dec. 10. According to an SEC filing, NAKA shares failed to trade above $1 for 30 consecutive business days. That’s a problem under Nasdaq Listing Rule 5810(c)(3)(A).

The company now has 180 days to fix the situation. The deadline is June 8, 2026. To regain compliance, NAKA must close at $1 or higher for at least 10 consecutive trading days.

Nasdaq could make it tougher. The exchange may require up to 20 consecutive days of trading above $1. If KindlyMD can’t meet the requirements by June, it could transfer to the Nasdaq Capital Market for more time.

Kindly MD, Inc., NAKA

The stock closed at $0.38 on Tuesday. That’s a brutal drop from the yearly high of $34.77. The shares are down 99% from that peak.

The Merger That Changed Everything

KindlyMD wasn’t always a Bitcoin company. The healthcare firm merged with crypto entrepreneur David Bailey’s Nakamoto Holdings Inc. in May. The deal closed in August, turning KindlyMD into a Bitcoin treasury company with Bailey as CEO.

The company holds 5,398 BTC on its balance sheet. At current prices, that’s worth $474 million. But here’s the weird part: the company’s market cap sits at just $256 million.

That means the market values the entire company at less than its Bitcoin holdings. Something doesn’t add up for investors.

The company’s financing strategy relies on selling discounted shares through private investment in public equity deals. They use the money to buy more Bitcoin. But the model hasn’t been working out.

When The Wheels Came Off

September marked the beginning of serious trouble. Previously restricted shares from a $200 million fundraise got unlocked. The flood of new shares hit the market hard.

The CEO talked about uncertainty during the transition. He wanted shareholders aligned for the long term. But the stock kept falling anyway.

November brought more problems. KindlyMD had to delay its Q3 earnings report. The company blamed complex accounting issues from the Nakamoto merger.

The stock has been stuck below $1 throughout October and November. That’s what triggered the delisting notice. Right now, NAKA continues trading normally on Nasdaq under its ticker symbol.

KindlyMD clarified that the notice doesn’t affect current trading. But the clock is ticking. The company has roughly six months to get its stock price back above $1 and keep it there for at least 10 days straight.

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