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Kindly MD (NASDAQ: NAKA) has notified the U.S. Securities and Exchange Commission that it will be unable to file its quarterly Form 10-Q on schedule as the company finalizes intricate accounting tied to its August merger with bitcoin-focused Nakamoto Holdings. The company said it intends to submit the filing within the standard five-day extension period allowed under SEC regulations.
Once a traditional integrated health-care services provider, Kindly MD transformed its focus after merging with David Bailey’s Nakamoto Holdings to become a publicly traded bitcoin treasury company. With a current stash of 5,765 BTC, the firm now ranks as the 19th largest corporate bitcoin holder. However, integrating the two businesses has required extensive accounting work, particularly under U.S. GAAP standards and PCAOB review procedures, prompting the delayed filing.
According to the preliminary financial results included in the notice, Kindly MD expects to report significant losses related to the merger. These include roughly $1.41 million in realized losses on digital assets, approximately $22.07 million in unrealized losses, and a sizable $14.45 million loss tied to the extinguishment of debt. The company also anticipates recording a $59.75 million loss associated with the Nakamoto acquisition. These impacts are partially offset by an estimated $21.85 million positive adjustment stemming from changes in the fair value of contingent liabilities.
The market reacted sharply to the update, with NAKA shares trading around $0.57—down about 7% on the day. Investors appear to be weighing both the long-term potential of the company’s bitcoin-centered strategy and the near-term financial volatility created by the merger.
The upcoming quarterly report, once filed, is expected to offer a more complete picture of Kindly MD’s post-merger financial health, its bitcoin treasury strategy, and the operational challenges it faces as it transitions fully into the digital-asset sector.
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