KindlyMD rolls out share buyback initiative amid bitcoin treasury growth

KindlyMD (NAKA) Launches Share Buyback Amid Steep Stock Drop

KindlyMD (NAKA) has approved a stock buyback program as its shares continue to trade 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 has not disclosed the timing or the size of the buyback.

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

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

The buyback could be highly accretive, though it also highlights the company’s strategy of using investor funds primarily to accumulate bitcoin, raising questions about its broader business model.