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

Another crypto-correlated stock hits the skids—hard.

KindlyMD, the healthcare firm that made waves by converting its treasury to Bitcoin, now stares down a Nasdaq delisting notice. The trigger? A brutal 99% collapse in share price that left it trading below the exchange's minimum bid requirement. The market's verdict on its Bitcoin bet appears final—and devastating.

From Strategy to Survival

The company's pivot to holding Bitcoin as a primary treasury asset was a bold, headline-grabbing move. It was a play for relevance in a finance world increasingly obsessed with digital gold. But the strategy hinged on Bitcoin's price appreciation outpacing traditional market risks. When the crypto winter bit, and the broader stock market soured, NAKA got caught in a perfect storm. The 99% plunge wasn't just a dip; it was an erasure.

The Delisting Countdown Begins

Nasdaq's compliance rules are cold, hard math. Fall below the $1.00 minimum bid price for too long, and the exchange initiates the delisting process. For KindlyMD, this isn't a theoretical risk—it's an active procedure. The company now faces a frantic scramble to execute a reverse stock split or engineer another miracle to regain compliance, all while its core Bitcoin thesis lies in tatters. It's a stark lesson in volatility management—or the lack thereof.

A Cautionary Tale for Crypto-Adjacent Plays

This saga cuts to the heart of a critical debate: can traditional public companies successfully harness cryptocurrency's volatility without being consumed by it? KindlyMD's story suggests the line between innovative treasury management and existential risk is perilously thin. The market rewards narrative, but ultimately enforces fundamentals—and right now, the fundamentals look like a smoking crater. For every MicroStrategy, there seem to be ten stories like this, a cynical reminder that in high-finance, for every visionary there's a line of bag-holders. The final chapter for NAKA is yet to be written, but the plot has taken a decidedly grim turn.

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.

BITCOIN TREASURY FIRM FACES NASDAQ DELISTING RISK#Bitcoin treasury company KindlyMD risks being DELISTED from Nasdaq.

The firm has until June 8, 2026 to regain compliance by closing at $1 and above for 10 consecutive trading days. pic.twitter.com/5nahoii9HP

— Coin Bureau (@coinbureau) December 17, 2025

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.

Bailey saw it coming. He wrote a shareholder letter that month with a blunt message for traders. “For those shareholders who have come looking for a trade, I encourage you to exit,” he said.

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.