Kindly MD, now operating under the NAKA ticker after merging with Nakamoto Holdings, has received a Nasdaq compliance notice for trading below $1 for 30 consecutive days. The company has 180 days until June 8, 2026, to regain compliance by maintaining a share price above $1 for 10 consecutive trading days, or face potential delisting risks amid its Bitcoin treasury strategy.
Compliance Period: Kindly MD must lift its share price above $1 for at least 10 consecutive days within 180 days to avoid delisting.
Nasdaq’s notice does not halt trading but highlights ongoing pressure from PIPE financing deals funding Bitcoin acquisitions.
The company holds 5,398 Bitcoin, ranking 19th among public firms, yet its stock has dropped over 98% since peaking at $25 in May 2025.
Discover how Kindly MD’s Nasdaq notice impacts its Bitcoin treasury amid share price plunge. Learn compliance steps and strategies for crypto firms facing delisting risks. Stay informed on NAKA stock updates.
What is the Nasdaq compliance notice for Kindly MD’s NAKA shares?
Kindly MD’s Nasdaq compliance notice stems from its shares trading below the $1 minimum bid price for 30 consecutive business days, triggering a 180-day period to regain compliance. Issued on Wednesday and detailed in a Securities and Exchange Commission filing, the notice allows the Utah-based healthcare provider—now focused on Bitcoin treasury via its merger with Nakamoto Holdings—until June 8, 2026, to achieve a closing price above $1 for 10 straight trading days. Failure could lead to delisting or a transfer to the Nasdaq Capital Market if other criteria are met.
How has PIPE financing affected Nakamoto Holdings’ stock performance?
PIPE financing, involving $563 million in private investments for public equity, has exerted significant downward pressure on NAKA shares by issuing discounted stock to fund Bitcoin purchases. As these shares became eligible for resale in September 2025, increased sell orders caused the price to plummet from a May peak of $25 to $0.39 by late 2025, per Yahoo Finance data. David Bailey, CEO of Nakamoto Holdings, noted in a Forbes interview that this influx of shares available for trading intensified the decline, despite the company’s strategic pivot toward crypto assets.
The company has 180 days to regain compliance with Nasdaq’s minimum bid price requirement after its shares traded below $1 for 30 consecutive business days.
Bitcoin treasury company Kindly MD has received a Nasdaq notice after its shares traded below the exchange’s $1 minimum bid price for 30 consecutive business days, starting a six-month window to regain compliance or risk being delisted.
The notice, which was issued Wednesday, does not immediately affect trading, but gives the company until June 8, 2026, to lift its share price above $1 for at least 10 consecutive trading days, according to a regulatory filing from the Securities and Exchange Commission (SEC).
If the company fails to regain compliance within the initial 180-day period, it may seek an additional extension by transferring its listing to the Nasdaq Capital Market, subject to meeting other listing requirements, the according to the filing. Nasdaq could ultimately delist the shares if the company fails to satisfy the bid price rule or pursue available remedies.
Kindly MD, a Utah-based healthcare services provider, announced on May 12 plans to merge with Nakamoto Holdings, marking a shift toward a Bitcoin treasury strategy. The company’s shares surged to a peak of around $25 by May 27, and the merger was closed on Aug. 14.
The stock, trading under the ticker NAKA, has since fallen by more than 98% and was at $0.39 a share at the time of writing, according to Yahoo Finance data.
Kindly stock price year-to-date. Source: Yahoo Finance
Frequently Asked Questions
What triggered the Nasdaq compliance notice for Kindly MD?
The Nasdaq notice was triggered when NAKA shares traded below $1 for 30 consecutive business days, violating the exchange’s minimum bid price rule. This development follows the company’s merger with Nakamoto Holdings and its adoption of a Bitcoin treasury strategy, which has faced market volatility and financing pressures.
How can Nakamoto Holdings avoid delisting from Nasdaq?
To avoid delisting, Nakamoto Holdings must maintain its share price above $1 for at least 10 consecutive trading days within the 180-day compliance period ending June 8, 2026. If unsuccessful, the company could apply for an extension by moving to the Nasdaq Capital Market while meeting additional listing standards, as outlined in SEC filings.
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PIPE financing weighs on Nakamoto shares
Nakamoto Holdings was founded in 2025 by Bitcoin Magazine CEO David Bailey and is structured as a Bitcoin-native holding company building a network of crypto treasury businesses in partnership with BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin Conference.
The sharp drop in Kindly MD’s share price, which fell below $1 in October, has been linked to the company’s financing strategy, which relied on selling discounted shares to private investors through $563 million in private investment in public equity (PIPE) deals to fund BTC purchases.
Those PIPE deals created sharp downward pressure when a large portion of the shares became eligible for resale in September. The surge in sell orders drove a steep drop in the share price, CEO David Bailey told Forbes in October.
Bailey also said he plans to bring Bitcoin Magazine, the Bitcoin Conference and hedge fund 210k Capital under Nakamoto Holdings as part of an effort to strengthen the company’s cash flow.
Top 20 Bitcoin treasury companies. Source: BitcoinTreasuries.net
Kindly MD still holds 5,398 Bitcoin, ranking it as the 19th largest public company by BTC holdings, according to data from BitcoinTreasuries.NET. Back in August, the company said one of its goals was to acquire 1 million Bitcoin (BTC).
By comparison, Strategy, the first Bitcoin treasury company, holds 671,268 BTC. Although its stock (MSTR) is down over 40% year-to-date, it’s still up 452% since the company began buying BTC in 2020.
Strategy price over five years. Source: Yahoo Finance
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Key Takeaways
- Compliance Deadline: Kindly MD has until June 2026 to boost NAKA shares above $1, highlighting risks for Bitcoin treasury firms reliant on volatile funding.
- Bitcoin Holdings Strength: Despite the stock plunge, the company maintains 5,398 BTC, positioning it among top public holders and underscoring long-term crypto strategy potential.
- Strategic Expansion: CEO David Bailey aims to integrate assets like Bitcoin Magazine under Nakamoto to enhance cash flow and stabilize operations amid market challenges.
Conclusion
The Nasdaq compliance notice for Kindly MD’s NAKA shares underscores the challenges faced by Bitcoin treasury companies in balancing aggressive crypto acquisition strategies with stock price stability. With PIPE financing contributing to the 98% decline since its merger with Nakamoto Holdings, the firm must navigate this 180-day window carefully to avoid delisting. As the crypto market evolves, such developments signal the need for resilient financial planning in the sector, encouraging investors to monitor NAKA’s progress toward regaining compliance and pursuing its ambitious Bitcoin goals.