Kindly MD Faces Possible Delisting from Nasdaq Due to Stock Price Issues

Kindly MD, a company with a Bitcoin treasury strategy, has received a notice from Nasdaq due to its stock trading below the exchange's minimum bid price of $1 for 30 consecutive business days. This situation has triggered a six-month period during which Kindly MD must work to regain compliance to avoid being delisted.

Key Takeaways

Kindly MD is at risk of being delisted from Nasdaq after failing to maintain a stock price above $1.
The company has until June 8, 2026, to get its shares back above the required price for at least 10 consecutive days.
Currently, Kindly MD's stock has dropped over 98% since its merger with Nakamoto Holdings.
The company's financing strategy has contributed to the significant decline in its share price.

Kindly MD Faces Possible Delisting from Nasdaq Due to Stock Price Issues

Nasdaq's Delisting Notice Explained

On Wednesday, Kindly MD received the notification which does not affect trading immediately. According to a filing with the Securities and Exchange Commission (SEC), the company has until June 8, 2026, to increase its share price above $1 for a minimum of 10 consecutive trading days. If they don't achieve compliance in the first 180 days, there is the possibility of seeking an extension by moving their listing to the Nasdaq Capital Market, subject to meeting additional criteria. Failure to meet the bid price rule or pursue alternative remedies may result in delisting.

Transition to Bitcoin Treasury Strategy

Kindly MD, a healthcare services provider based in Utah, announced on May 12 its plan to merge with Nakamoto Holdings, effectively pivoting to a Bitcoin treasury strategy. Following the announcement, the company's shares soared to approximately $25 by May 27, culminating with the merger on August 14. However, since then, the stock (traded under the ticker NAKA) has plummeted by over 98%, falling to just $0.39 per share at the time this article was written, according to Yahoo Finance.

Kindly MD stock price year-to-date. Source: Yahoo Finance

The Impact of PIPE Financing on Nakamoto Shares

Nakamoto Holdings, founded in 2025 by Bitcoin Magazine CEO David Bailey, is structured as a Bitcoin-native holding company that partners with BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin Conference. The decline in Kindly MD’s share price, which fell below $1 in October, has been attributed to its financing strategy. This approach involved raising funds through $563 million in private investment in public equity (PIPE) deals to support Bitcoin purchases.

These PIPE deals exerted downward pressure on the stock when a significant number of shares became available for resale in September, resulting in a wave of sell orders that drove down the price. As CEO David Bailey expressed to Forbes in October, this strategy has complicated the company's financial position. He also plans to incorporate Bitcoin Magazine, the Bitcoin Conference, and hedge fund 210k Capital into Nakamoto Holdings to improve cash flow.

Nasdaq Top 20 Bitcoin treasury companies. Source: BitcoinTreasuries.net

Kindly MD’s Bitcoin Holdings

Despite recent challenges, Kindly MD still holds 5,398 Bitcoins, making it the 19th largest public company in terms of Bitcoin holdings, according to data from BitcoinTreasuries.NET. In August, the company stated that one of its ambitions was to acquire 1 million Bitcoins. By contrast, Strategy, the first Bitcoin treasury company, possesses 671,268 BTC, and while its stock (MSTR) has dropped over 40% year-to-date, it has seen a remarkable increase of 452% since it began buying Bitcoin in 2020.

Strategy price over five years. Source: Yahoo Finance

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