Financial and Operational Update for Kindly MD Inc. (NASDAQ: NAKA)

Stock Performance The company’s shares fell nearly 10 % on Monday, 18 November 2025, after the company missed its Q3 earnings filing deadline. The decline followed a report that the stock had fallen 95 % from six months earlier. The most recent closing price was $0.537, down from a 52‑week low of $0.520.

Earnings Filing Delay Kindly MD attributed the filing delay to “complex accounting from its August merger with Nakamoto Holdings.” The company is expected to report a loss of approximately $59 million on the Nakamoto acquisition, indicating that it paid more than the actual asset value. Additionally, preliminary results include an unrealized loss of $22.07 million on digital assets.

Merger and Bitcoin Treasury Strategy In May 2025, Kindly MD completed a merger with Nakamoto Holdings, creating a unified Bitcoin‑focused platform. The merger was financed with $540 million in gross proceeds and $200 million in convertible notes. As of the latest update, the company holds 5,765 Bitcoin at an average price of $[price not provided].

Operational Highlights

  • The company continues to provide integrated healthcare services in Utah, combining prescription medicine and behavioral health to reduce opioid use among chronic pain patients.
  • Its subsidiary, Nakamoto, operates as a Bitcoin treasury company.
  • Despite the significant drop in its share price, the company remains focused on expanding its Bitcoin holdings and maintaining its healthcare operations.

Market Context The broader market for digital‑asset treasury companies has seen a contraction, with analysts at B. Riley revising price targets downward. The decline in Bitcoin and related cryptocurrency markets has added pressure on companies such as Kindly MD that are heavily exposed to digital assets.

Financial Ratios

  • Market capitalization: $231.66 million
  • Price‑to‑earnings ratio: –1.51 (negative, reflecting the reported losses)

Conclusion Kindly MD’s Q3 2025 results will provide further detail on the merger’s financial impact and the company’s strategy for its Bitcoin treasury. Investors are closely monitoring the company’s ability to reconcile its healthcare operations with its aggressive digital‑asset positioning.