Kindly MD Shares Plunge 27% Amid Bitcoin Treasury Merger and Warrant Filing
By ATTN Desk · Editorial oversight: Sean Han
Introduction
Kindly MD, Inc. (ticker: NAKA) is a publicly traded healthcare company focusing on integrated physical and mental health services. Founded in 2019 and headquartered in Salt Lake City, Utah, the company trades on the NASDAQ and offers in-person and telemedicine care that includes primary care, pain management, behavioral health, and alternative therapies.
| Ticker | Exchange | Price (2025-09-10) | Daily Change | Volume |
|---|---|---|---|---|
| NAKA | NAS | $5.92 | –26.73% | 202,978 |
Corporate Structure
Kindly MD operates four clinic locations across Utah and maintains telemedicine access for its patient base. According to LinkedIn, the company employs between 51 and 200 staff members. Leadership includes founder and CEO Tim Pickett, MPAS-C, whose professional background encompasses emergency medicine, trauma, and gastrointestinal surgery. Key services include medical cannabis recommendations and education, integrated behavioral health, collaborative care, and medication-assisted weight management utilizing GLP-1 therapies.
Healthcare by Luis Melendez
Recent Developments and News
- In May 2025, Kindly MD announced a definitive merger agreement with Nakamoto Holdings to establish a publicly traded Bitcoin treasury vehicle.
- On August 11, 2025, the SEC completed its review of the merger, initiating a 20-day notice period, marking the earliest possible closing under SEC regulations.
- On September 4, 2025, Nakamoto Holdings, through its wholly-owned subsidiary, made a minority investment in Treasury B.V., a Netherlands-based company.
- Additionally, on September 4, 2025, the company filed a prospectus supplement (Form 424B3) detailing up to 2,059,811 shares that could be issued upon the exercise of existing warrants and 82,310 shares available for resale by certain stockholders. The last reported sale price on the Nasdaq was $3.28 per share.
- During the 2025 Bitcoin Conference in Las Vegas, Kindly MD announced a strategic partnership with Anchorage Digital for custody and trading services related to its Bitcoin treasury strategy.
Financial and Strategic Analysis
The company’s financial profile shows a high gross margin while experiencing ongoing net losses. As of the trailing twelve months:
- Revenue: $2.24 million
- Gross margin: 98.72%
- Net margin: –244.09%
- EPS (TTM): –$0.86
- P/E (TTM): –6.88
Key balance-sheet and market metrics include:
- Market capitalization: $2.246 billion
- Shares outstanding: 377.48 million
- 52-week trading range: $0.65–$34.77
Strategically, the merger with Nakamoto Holdings and the investment in Treasury B.V. align Kindly MD with a Bitcoin treasury mandate. The partnership with Anchorage Digital establishes custody for Bitcoin as a treasury asset. The warrant exercise program may provide additional capital if holders convert warrants at prevailing prices.
Market Position and Industry Context
Kindly MD operates at the intersection of mental and physical health, an area of increasing demand emphasized by a shift towards whole-person care. Its services related to plant-based medical cannabis and GLP-1–based weight management programs differentiate it from traditional primary care providers. The opioid epidemic highlights the company’s focus on alternative pain therapies and integrated behavioral health. Competition in telehealth and alternative medicine remains significant, but Kindly MD's clinic network in Utah and its digital-first approach aim to attract patients seeking non-pharmaceutical interventions and integrated care options.
tl;dr
As of September 10, 2025, Kindly MD’s stock price stands at $5.92 (–26.73%), with 202,978 shares traded. The SEC's August 11 notice period for the Nakamoto Holdings merger has elapsed, with closing pending customary conditions. On September 4, 2025, the company filed a 424B3 prospectus for up to 2.06 million shares related to warrants, and Nakamoto’s subsidiary made an investment in Treasury B.V. A partnership with Anchorage Digital secures custody for Kindly MD’s Bitcoin treasury. Upcoming catalysts include merger completion and potential warrant exercises.