KindlyMD (NAKA) Approves Share Buyback as Stock Trades Well Below Bitcoin Value
KindlyMD (NAKA) has announced 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 did not disclose details regarding the timing or total funds for the buyback.
Since peaking during the bitcoin treasury surge 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, currently valued at roughly $1 billion at today’s BTC price of $88,000—well above its enterprise value of around $400 million.
While the buyback could be highly accretive, it also underscores the company’s approach of using investor capital primarily to acquire bitcoin, raising questions about its broader business strategy.
