Nasdaq has issued a compliance warning to Bitcoin-focused treasury company Kindly MD after its shares traded below the exchange’s $1 minimum bid price for 30 consecutive business days — triggering a six-month clock to get back into compliance or face potential delisting. What the notice means - The Nasdaq notice, filed with the SEC, does not halt trading immediately. It gives Kindly MD until June 8, 2026 to push its share price above $1 for at least 10 consecutive trading days to satisfy the exchange’s minimum-bid rule. - If the company can’t meet that threshold within the initial 180-day window, it may seek more time by moving its listing to the Nasdaq Capital Market — but only if it satisfies additional listing criteria. Failure to regain compliance or use available remedies could ultimately result in delisting. How the stock got here - Kindly MD, a Utah-based healthcare services provider, pivoted to a Bitcoin treasury strategy after announcing plans on May 12 to merge with Nakamoto Holdings. The stock (now trading under ticker NAKA) spiked to about $25 by May 27 and the merger closed on Aug. 14. - Since then the share price has plunged more than 98%; Yahoo Finance showed the stock at $0.39 per share at the time of the filing. The price fell below $1 in October. Why the crash happened - Company leadership blames the collapse largely on a financing approach that included $563 million in private investment in public equity (PIPE) deals. Those deals involved discounted share sales to private investors and created heavy downward pressure when a large tranche of shares became eligible for resale in September, producing a wave of sell orders that pushed the price down, CEO David Bailey told Forbes. The Nakamoto strategy and assets - Nakamoto Holdings — founded in 2025 by Bitcoin Magazine CEO David Bailey — is structured as a Bitcoin-native holding company aiming to build a network of crypto treasury businesses in partnership with BTC Inc. (the parent of Bitcoin Magazine and the Bitcoin Conference). - Bailey has said he intends to fold Bitcoin Magazine, the Bitcoin Conference and hedge fund 210k Capital into Nakamoto to shore up cash flow. - Despite the stock collapse, Kindly MD still holds 5,398 BTC, making it the 19th-largest public company by Bitcoin holdings, per BitcoinTreasuries.NET. The company has previously stated a long-term ambition to acquire as many as 1 million BTC. Context in the corporate-Bitcoin race - For perspective, MicroStrategy (MSTR), the earliest and best-known corporate Bitcoin treasury, holds 671,268 BTC. MicroStrategy’s stock is down more than 40% year-to-date but remains about 452% higher than when the company began buying Bitcoin in 2020. What to watch next - Investors will be watching NAKA’s share price and any steps management takes to reduce share pressure, restructure financing, or otherwise meet Nasdaq’s bid-price requirement. The outcome will be a bellwether for how risky aggressive PIPE financing can be for companies attempting to become corporate Bitcoin treasuries. Read more AI-generated news on: undefined/news

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