Key Insights:
- David Bailey’s Nakamoto merged Bitcoin Treasury company KindlyMD risks delisting from Nasdaq.
- NAKA stock price tumbled 75% year-to-date to $0.38.
- Bitcoin treasury companies under scrutiny amid massive crash in Bitcoin price.
Bitcoin treasury firm KindlyMD risks delisting from Nasdaq as the stock remained below $1 for 30 consecutive days. The company’s stock tumbled after a merger with David Bailey’s Nakamoto.
NAKA stock price dropped 4.97% to $0.38 on Monday, extending the year-to-date (YTD) decline to 75%.
Bitcoin Treasury KindlyMD (NAKA) Faces Nasdaq Delisting
KindlyMD (NAKA), a health-care company known for building a significant bitcoin treasury, has received notice from the Nasdaq exchange that it faces potential delisting after its stock price remained below $1 for 30 consecutive business days.
The company, which owns 5,398 BTC worth approximately $466 million and ranks as the 19th largest corporate Bitcoin holder, has until June 8, 2026, to regain compliance with Nasdaq stock exchange.
It needs to close at or above $1 for at least 10 consecutive trading days to avoid delisting. Multiple stock exchange-listed Bitcoin treasury firms are under scrutiny over large crypto holdings.
The company still has options such as requesting an extension, executing a reverse stock split, or seeking a transfer to the Nasdaq Capital Market.
NAKA Stock Price Crash Amid Crypto Market Uncertainty
NAKA stock first dipped below the crucial $1 mark in late October. On Monday, the stock closed nearly 5% lower at $0.38, a steep discount to its net asset value.
The 24-hour low and high were $0.3600 and $0.3987, respectively. Trading volume was lower than the average volume of 20.69 million, as per Yahoo Finance data.
Failing to meet the minimum listing requirement until June could result in KindlyMD’s removal from the Nasdaq exchange.
KindlyMD was acquired in a reverse takeover by Bitcoin treasury company Nakomoto in August, retaining its name. However, it kept NAKA as the stock ticker.
The company’s shares had surged to record highs when the deal was announced in May. However, it has since plummeted by 99% amid the bear market.
If delisted, KindlyMD would join other companies that have struggled to meet Nasdaq’s minimum bid price. Notably, Michael Saylor’s Strategy faces MSCI delisting amid heavy holdings in Bitcoin.
Bitcoin Price Under Selling Risk
BTC price tumbled more than 4% over the past 24 hours, currently trading at $87,165. The 24-hour low and high were $85,304 and $89,849, respectively.
Trading volume has increased by 60% over the last 24 hours. This indicates a buy-the-dip sentiment among traders.
Glassnode noted that BTC momentum weakened as sell pressure rose and liquidity thinned. It added that derivatives and on-chain signals remain cautious, keeping the market vulnerable to further downside.
CoinGlass data also showed slight buying in the derivatives market in the last few hours. At the time of writing, the total BTC futures open interest jumped 1% to $60.05 billion in the last 4 hours.
The 24-hour BTC futures open interest on CME and Binance fell more than 4% and 1%, respectively. This signals cautious buying ahead of this week’s major macroeconomic events.