KindlyMD, a company that shifted from healthcare services to holding bitcoin, is at risk of being removed from the Nasdaq stock exchange. The warning comes after the company’s share price stayed below Nasdaq’s $1 minimum requirement for too long.

Nasdaq sent KindlyMD a formal notice saying the company is no longer meeting listing rules. This does not mean the stock will stop trading right away. However, the company now has 180 days to fix the problem. To stay listed, the stock must close at or above $1 for at least 10 days in a row by June 8, 2026.

A recent filing with the SEC says:

At the moment, KindlyMD’s stock (trading under the ticker NAKA) is around $0.38. That is a drop of more than 98% from its high earlier this year.

KindlyMD is based in Utah and originally focused on healthcare services. That changed in May, when the company announced a merger with Nakamoto Holdings, a Bitcoin-focused firm founded by David Bailey, the CEO of BTC Inc.

The merger marked a major shift in direction. Instead of focusing on healthcare, the company adopted a bitcoin treasury strategy, meaning it began holding large amounts of bitcoin on its balance sheet.

At first, investors were enthusiastic. The stock price jumped sharply and reached highs between $25 and $35 in May. The merger officially closed in August. Since then, however, the stock’s gains have completely disappeared.

One major reason for the sharp decline was how the company raised money. KindlyMD used private investment in public equity, known as PIPE deals, selling discounted shares to private investors to fund bitcoin purchases.

When many of those shares became available for resale in September, investors rushed to sell. This caused heavy selling pressure and pushed the stock price down quickly.

The heavy wave of selling pressure caused the stock’s price to fall sharply, CEO David Bailey said in an interview with Forbes. Bailey later acknowledged the uncertainty, telling shareholders, “For those shareholders who have come looking for a trade, I encourage you to exit.”

Despite the stock crash, KindlyMD still owns a large amount of bitcoin. The company holds 5,398 BTC, worth roughly $466 million. This makes it the 19th-largest public company holder of bitcoin, according to BitcoinTreasuries.net.

However, the company’s market value has fallen to about $256 million, meaning its stock trades at a steep discount compared to the value of its bitcoin holdings. KindlyMD previously said it hoped to acquire up to 1 million bitcoin. Given its current financial situation, that goal now looks very unlikely.

And now, in the most recent effort to fix the situation, KindlyMD announced that its board has approved a share repurchase program, allowing the company to buy back some of its own stock.

According to the announcement, Shares may be repurchased over time through various legal methods, depending on market conditions and company needs, and there is no requirement to buy back a specific number of shares.

There has been no mention of the source of the funds used for this buyback.