Kindly MD At Risk Of Nasdaq Delisting Amid Share Price Troubles, Has Until June To Recover
Healthcare company and Bitcoin treasury firm Kindly MD is at risk of being delisted from the Nasdaq exchange amid ongoing share price struggles.
The company’s stock, NAKA, has closed below $1 for 30 consecutive trading days. Now, Kindly MD has until June 8 to lift its share price above the $1 threshold and keep it there for ten straight days to avoid delisting, it said in a Dec. 12 filing with the US Securities and Exchange Commission (SEC).
If the shares do not meet the Nasdaq’s listing requirements by June, there are other avenues that the company can explore. The exchange might grant the company an extension. Additionally, the company could potentially address the issue through a reverse stock split or it may apply to transfer to the Nasdaq Capital Market.
Kindly MD Currently The 19th-Largest Corporate Bitcoin Holder
Kindly MD was purchased via a reverse takeover by Nakamoto Holdings in August. The company then kept the name, but changed its stock ticker symbol.
After the deal with Nakamoto was announced, Kindly MD’s shares had surged to a record high in May. However, they have since plummeted around 99%, according to Google Finance.
Kindly MD’s share price continued its decline in the latest trading session, and closed Monday more than 4% down at $0.38. There has been some pre-market buying activity today, but this has only moved the share price up a small fraction of a percentage.
Currently, the company holds 5,398 BTC on its balance sheet worth over $469 million, data from Bitcoin Treasuries shows.
Top 20 largest corporate BTC holders (Source: Bitcoin Treasuries)
Those holdings make Kindly MD the 19-largest BTC treasury globally, ranking it one position above Semler Scientific with its 5,048 BTC and one position below Next Technology Holding, who holds 5,833 BTC on its balance sheet.
Strategy Manages To Survive First Nasdaq 100 Reshuffle Since Listing
While Kindly MD faces a potential delisting from the Nasdaq, leading corporate BTC holder Strategy has managed to survive its first Nasdaq 100 reshuffle since joining the benchmark index in December 2024.
That’s after Strategy’s stock (MSTR) plummeted more than 57% in the last six months. It continued this downtrend in the past 24 hours, when it slid another 8%. This weak share price performance coincided with a broader crypto market downtrend in the last few months.
The latest Nasdaq 100 adjustment saw Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and Trade Desk removed from the tech-heavy index. Meanwhile, Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate and Western Digital joined the index, according to a report from Reuters.
Strategy And Other Bitcoin Treasury Companies Still At Risk Of MSCI Removal
While Strategy was able to make it through its first Nasdaq 100 reshuffle, the broader Bitcoin treasury market remains at risk. MSCI announced plans to remove companies that have more than 50% of their assets in crypto. This includes Strategy and several other Bitcoin treasury companies.
The potential removal of those companies is expected to trigger outflows of as much as billions of dollars.
A decision regarding whether MSCI will remove or keep the crypto treasury companies will be made on Jan. 15.
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