Bitcoin treasury company KindlyMD is at risk of being delisted from Nasdaq.

According to the exchange’s rule, the company has until June 8, 2026 to regain compliance. To do that, the company’s share price has to close at $1 or more for a minimum of 10 consecutive business days.

The company's shares—which trade on Nasdaq under the NAKA ticker—closed at $0.38 on Tuesday. The shares have consistently closed below $1 through October and November, with NAKA falling nearly 99% from its yearly peak price of $34.77.



The exchange has room to be more stringent.

“Nasdaq may, in its discretion, require the company to maintain such closing bid price for a period in excess of 10 consecutive business days, generally no more than 20 consecutive business days, before determining that the company has regained compliance,” Nasdaq wrote in its notice, which KindlyMD shared with investors through an SEC filing.

KindlyMD completed its merger with Nakamoto to establish a Bitcoin merger in August, with David Bailey as CEO of the combined company. But trouble really began brewing in September when previously restricted shares sold during the firm's $200 million fundraise were unlocked.

“For those shareholders who have come looking for a trade, I encourage you to exit,” Bailey said in a shareholder letter at the time. “This transition may represent a point of uncertainty for investors, and we look forward to emerging on the other side with alignment and conviction amongst our backers.”

The company saw more trouble in November, when it had to delay its Q3 earnings report, citing complex accounting from its Nakamoto merger.

KindlyMD currently holds 5,398 BTC worth $474 million at today's prices, according to Bitcoin Treasuries. Meanwhile, the company's market capitalization has dropped to $256 million.

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