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KindlyMD Inc., the healthcare firm operating a Bitcoin treasury through its subsidiary Nakamoto Holdings, said Wednesday its board has authorized a share repurchase program, giving management discretion to buy back stock as shares trade below the value of the company’s bitcoin holdings.
The Nasdaq-listed company said it may repurchase shares through open-market purchases, privately negotiated transactions, block trades, or other legally permissible methods.
Buybacks may also be executed under Rule 10b5-1 trading plans and will comply with Rule 10b-18 of the Securities Exchange Act.
“This share repurchase program reflects our confidence in the long-term value of the Company and adds an important degree of flexibility to our capital allocation framework,” said David Bailey, Chairman and CEO of KindlyMD.
“As shareholders ourselves, we remain focused on deploying capital with discipline and intention, balancing continued investment in our strategic priorities with actions we believe will drive durable value for all shareholders.”
The authorization does not commit KindlyMD to repurchase any specific number of shares. Management will determine the timing and size of any buybacks based on market conditions, capital requirements, trading liquidity, and regulatory considerations.
The board may modify, suspend, or terminate the program at any time, the company said.
$NAKA, KindlyMD stock merger
The move comes after a steep selloff in KindlyMD’s stock following its merger earlier this year with Nakamoto Holdings, a bitcoin-native treasury firm.
Shares of KindlyMD, which trade under the ticker ‘NAKA,’ have fallen more than 95% from their peak during the bitcoin treasury company surge in the spring. Shares are currently trading near $0.37.
According to the company’s public dashboard, KindlyMD holds 5,398 bitcoin on its balance sheet. At a bitcoin price near $88,000, those holdings are valued at roughly $1 billion — well above the company’s enterprise value, estimated at about $400 million.
KindlyMD has positioned bitcoin as a long-term balance-sheet asset rather than a short-term trading instrument, while continuing to operate integrated healthcare clinics and data-driven care services.
The share repurchase authorization adds another financial lever as the company navigates market volatility, regulatory pressure, and investor scrutiny following its rapid rise and fall in 2025.
Disclosure: Nakamoto is in partnership with Bitcoin Magazine’s parent company BTC Inc to build the first global network of Bitcoin treasury companies, where BTC Inc provides certain marketing services to Nakamoto. More information on this can be found here.
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