KindlyMD (NAKA) Approves Share Buyback Amid Steep Stock Decline
KindlyMD (NAKA) has authorized a stock buyback program as its share price continues 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 did not provide details on the timing or the amount of funds for the buyback.
Since peaking during the bitcoin treasury frenzy this past spring, NAKA’s shares have fallen 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 holds 5,398 bitcoin, worth roughly $1 billion at the current BTC price of $88,000—well above the company’s enterprise value of about $400 million.
While the buyback could be highly accretive, it also underscores the company’s strategy of using investor capital primarily to purchase bitcoin, raising questions about its broader business model.
