KindlyMD Faces Nasdaq Delisting Risk as Bitcoin Treasury Bet Shows Heavy Unrealized Losses

In a Dec. 12 Form 8-K, KindlyMD reported that Nasdaq warned the firm about noncompliance after its NAKA shares stayed under $1 for 30 consecutive trading days. The company, which merged with Bitcoin-focused Nakamoto in May and spent roughly $679 million on 5,764 BTC in August, now holds Bitcoin worth about $470.37 million with an unrealized loss of around $176 million. KindlyMD has until June 8, 2026, to push its stock back above the $1 bid threshold, while its weak healthcare revenue and rising operating expenses continue to highlight the strain of its pivot to a Bitcoin treasury strategy.