KindlyMD initiates share repurchase plan for bitcoin treasury operations

KindlyMD (NAKA) Launches Share Buyback as Stock Trades Well Below Bitcoin Holdings Value

KindlyMD (NAKA) has approved a stock buyback program following a steep decline in its share price, which now trades far below the value of its bitcoin holdings.

“This share repurchase program reflects our confidence in the long-term value of the company and adds flexibility to our capital allocation framework,” said CEO David Bailey. The company did not disclose the timing or amount of funds to be used for the buybacks.

Since peaking during the bitcoin treasury craze this past spring, NAKA’s shares have dropped more than 95%. Earlier this week, the company received a Nasdaq delisting notice after trading below $1.00 for multiple weeks. Shares are up 9.5% early Thursday, at $0.40.

NAKA currently holds 5,398 bitcoin, valued at roughly $1 billion at today’s BTC price of $88,000—well above the company’s enterprise value of around $400 million.

While the buyback could be highly accretive, it also highlights the company’s ongoing strategy of deploying investor capital primarily to accumulate bitcoin, raising questions about its broader business model.