Kindly MD, a Bitcoin treasury firm, has received a notice from Nasdaq after its shares traded below the $1 minimum bid price for 30 consecutive business days, initiating a six-month period to regain compliance or face potential delisting.
This notice, issued on Wednesday, does not immediately impact trading but allows the company until June 8, 2026, to increase its share price above $1 for at least 10 consecutive trading days, per a regulatory filing from the SEC.
If the company does not regain compliance within the initial 180 days, it may request an additional extension by transferring its listing to the Nasdaq Capital Market, provided it meets other listing requirements, according to the filing. Nasdaq could ultimately delist the shares if the bid price rule is not satisfied or if it does not pursue available remedies.
Kindly MD, based in Utah, announced on May 12 its plans to merge with Nakamoto Holdings, marking a pivot toward a Bitcoin treasury strategy. The company’s shares peaked at around $25 by May 27, with the merger closing on August 14.
The stock, trading under the ticker NAKA, has since plummeted over 98%, trading at $0.39 per share at the time of writing, according to Yahoo Finance data.
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PIPE financing weighs on Nakamoto shares
Nakamoto Holdings was founded in 2025 by Bitcoin Magazine CEO David Bailey and operates as a Bitcoin-native holding company focused on a network of crypto treasury businesses in collaboration with BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin Conference.
The significant decline in Kindly MD’s share price, which fell below $1 in October, has been attributed to its financing approach, which involved selling discounted shares to private investors via $563 million in private investment in public equity (PIPE) deals to finance BTC acquisitions.
These PIPE deals exerted sharp downward pressure when many shares became eligible for resale in September, leading to a substantial drop in share price, as CEO David Bailey told Forbes in October.
Bailey also stated his intention to incorporate Bitcoin Magazine, the Bitcoin Conference, and hedge fund 210k Capital under Nakamoto Holdings to enhance the company’s cash flow.
Kindly MD still possesses 5,398 Bitcoin, ranking as the 19th largest public company by BTC holdings, according to data from BitcoinTreasuries.NET. Back in August, the company noted its goal of acquiring 1 million Bitcoin (BTC).
In comparison, Strategy, the first Bitcoin treasury firm, holds 671,268 BTC. While its stock (MSTR) is down over 40% year-to-date, it remains up 452% since the company began purchasing BTC in 2020.
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