Kindly MD (NAKA) has postponed the release of its quarterly earnings report as it works through the complex accounting demands created by its August merger with Nakamoto Holdings, deepening concerns among investors as the stock continued to weaken.
In a notice submitted to the SEC, the company said it won’t meet the filing deadline for its Form 10-Q for the quarter ended Sept. 30 but expects to complete the report within the five-day extension allowed under federal disclosure rules.
Once a healthcare services provider, Kindly MD combined earlier this year with David Bailey’s bitcoin-centric Nakamoto Holdings, repositioning the business as a publicly traded bitcoin treasury vehicle. The firm now controls a total of 5,765 BTC, ranking it among the largest corporate holders of the asset.
The company attributed the delay to the “complexity of accounting related to the merger,” noting that applying U.S. GAAP standards and meeting PCAOB-compliant review procedures require additional time to ensure the accuracy of its financial statements.
Preliminary estimates show sizable losses tied to the merger and digital-asset volatility: a realized loss of roughly $1.41 million, unrealized losses of about $22.07 million, a $14.45 million debt-extinguishment charge and a $59.75 million loss linked to the Nakamoto acquisition. These figures were partially offset by a $21.85 million positive adjustment in the fair value of contingent liabilities.
Shares of NAKA traded at $0.57, down 7% on the day, as investors reacted to the filing delay and deeper-than-expected losses.
