KindlyMD Inc., a healthcare company that transitioned into a Bitcoin treasury asset holder, is facing a potential delisting from the Nasdaq exchange after its shares failed to maintain the minimum price requirement of $1. The Utah-based company, trading under the ticker NAKA, received a formal warning from Nasdaq after its stock price closed below $1 for 30 consecutive trading days.

In a regulatory filing on December 12, 2025, KindlyMD disclosed that it had received the delisting notice from Nasdaq. The company's shares have suffered a significant decline, falling approximately 99% from their peak in May. Before the US market opened on Tuesday, KindlyMD's shares were trading at $0.38, continuing a downward trend from a high of $35 in May. The stock has traded as low as $0.36 over the past year, breaching the $1 mark for the first time in October.

Nasdaq's regulations provide a period for companies to rectify price deficiencies. KindlyMD has 180 calendar days, until June 8, 2026, to regain compliance by ensuring its closing bid price is at least $1 for a minimum of 10 consecutive business days. Nasdaq retains the discretion to extend this requirement to 20 consecutive trading sessions before confirming compliance.

KindlyMD stated in its filing that it intends to actively monitor its stock price and explore available options to maintain its Nasdaq listing. These options could include applying to transfer its listing to the Nasdaq Capital Market or implementing a reverse stock split. However, the company cautioned that there is no guarantee that these measures will be successful.

KindlyMD was acquired in August through a reverse takeover by Nakamoto, a Bitcoin-focused firm. The deal preserved the KindlyMD name but changed the stock ticker. The announcement initially boosted the share price to a record high in May, but the gains have since been completely reversed.

KindlyMD currently holds 5,398 BTC, valued at over $469 million, making it the 19th-largest corporate Bitcoin holder globally.

While KindlyMD faces potential delisting, Strategy Inc., formerly MicroStrategy, another leading corporate Bitcoin holder, recently survived its first Nasdaq 100 reshuffle since joining the index in December 2024. However, digital asset treasury stocks, including Strategy, are still at risk of removal by MSCI due to a review of its index methodology. MSCI is expected to make a final decision in January 2026.