Kindly MD Delays Earnings Report Filing as Merger Losses Mount, Shares Drop
Complex post-merger accounting prompts a late filing while losses mount and the shares slip further.
Nov 17, 2025, 6:18 p.m.
Kindly MD (NAKA) notified the SEC that it will be late filing its quarterly earnings report as it works through the detailed accounting tied to its August merger with Nakamoto Holdings.
The company, the 19th largest bitcoin treasury company, said it will not meet the deadline for its Form 10-Q for the period ended Sept. 30, but expects to submit the report within the five day extension allowed under SEC rules.
Kindly MD, originally an integrated health-care services provider, merged with David Bailey’s bitcoin BTC$90,470.56 focused Nakamoto Holdings to create a publicly traded bitcoin treasury vehicle. It now owns of 5,765 BTC.
“The complexity of accounting related to the Merger, including the application of relevant accounting standards under US GAAP and review procedures consistent with PCAOB requirements, has necessitated additional time to ensure the accuracy and completeness of the information to be included in the Form 10 Q”, Kindly MD said in the filing.
Preliminary figures point to substantial losses following the merger, including a realized loss on digital assets of about $1.41 million, an unrealized loss of about $22.07 million, a $14.45 million loss on extinguishment of debt, and a $59.75 million loss on the Nakamoto acquisition, partially offset by a $21.85 million positive change in the fair value of contingent liabilities, the filing shows.
NAKA, is trading at $0.57, down 7% on the day.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
More For You
Protocol Research: GoPlus Security
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Hashprice Falls to Five-Year Low
Falling revenue and record difficulty could tighten the squeeze on bitcoin miners, though many are more driven by their AI infrastructure initiatives.
What to know:
- Bitcoin’s hashprice has dropped to $38.2 PH/s, its lowest level in over 5 years, as difficulty and hashrate sit near record highs and bitcoin’s price drops back to $90,000.
- Mining stocks have pulled back sharply, though in many cases the declines are more attributable to a decline in investor enthusiasm for AI infrastructure.
