Kindly MD Postpones Quarterly Report as Merger Costs Rise, Sending Shares Lower

Kindly MD (NAKA) has delayed the release of its quarterly earnings report, citing the intricate accounting work required following its August merger with Nakamoto Holdings. The announcement added to downward pressure on the stock, which continued to slide on Monday.

In a filing with the SEC, the company said it will not meet the deadline for its Form 10-Q covering the quarter ended Sept. 30 but intends to submit the report within the five-day grace period permitted under SEC regulations.

Formerly a healthcare services operator, Kindly MD combined with David Bailey’s Nakamoto Holdings earlier this year, transforming the firm into a publicly traded bitcoin treasury vehicle. The merged entity now controls 5,765 BTC, placing it among the top corporate holders of the cryptocurrency.

The company attributed the filing delay to the “complexity of accounting related to the merger,” noting that the application of U.S. GAAP standards and PCAOB-aligned review procedures requires more time to complete accurately.

Initial financial disclosures indicate steep losses tied to the transaction and market conditions: approximately $1.41 million in realized digital-asset losses, $22.07 million in unrealized losses, a $14.45 million charge for debt extinguishment, and a $59.75 million loss associated with the Nakamoto acquisition. A $21.85 million upward adjustment in contingent liabilities partially offset these impacts.

NAKA shares fell 7% to $0.57, extending their recent decline as investors digested the deeper loss projections and reporting delay.

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