Nakamoto Inc., formerly known as Kindly MD, Inc., has reported significant financial changes in its latest 10-K filing for the fiscal year ending December 31, 2025. The company, which transitioned from healthcare operations to a Bitcoin-focused strategy, recorded revenues of $1.82 million, a decline of 33% from $2.72 million in the previous year. This decrease is attributed primarily to a reduction in cash-pay patient care services and the closure of a clinic in Bountiful, Utah. Operating expenses surged to $198.96 million, up from $6.07 million in 2024, largely due to a $166.09 million loss on the change in fair value of digital assets, reflecting the volatility of Bitcoin prices.
The company’s strategic shift included the acquisition of Nakamoto Holdings in August 2025, which marked the beginning of its Bitcoin treasury operations. Following this, Nakamoto completed the acquisitions of BTC Inc and UTXO Management GP, LLC on February 20, 2026, further solidifying its position in the Bitcoin ecosystem. The total consideration for these acquisitions was approximately $81.6 million, paid in shares of common stock. The company now holds approximately 5,342 Bitcoin valued at $467.5 million as of December 31, 2025, with plans to continue accumulating Bitcoin and exploring income-generating strategies related to its holdings.
Operationally, Nakamoto reported a total employee count of 65 as of the end of 2025, with 33 full-time and 32 part-time employees. The company is also facing challenges related to its internal controls, having identified material weaknesses in its financial reporting processes. Management is actively working on remediation plans, including hiring additional personnel with public company experience and enhancing documentation and oversight of financial controls.
Looking ahead, Nakamoto's future performance is closely tied to the price of Bitcoin, which has historically been volatile. The company has expressed concerns about its ability to maintain compliance with Nasdaq's listing standards, particularly if Bitcoin prices decline significantly. The management anticipates that the ongoing volatility in the digital asset market could impact its financial results and market capitalization, potentially affecting its ability to raise capital and execute its business strategy effectively.
About Kindly MD, Inc.
KindlyMD is a healthcare data and patient-centered medical company specializing in integrated treatment for chronic pain, opioid reduction, and behavioral health. It offers outpatient services, telemedicine, and retail hemp products, focusing on evidence-based, personalized care. The company leverages healthcare analytics, collects valuable data, and promotes alternative medicine to improve outcomes, combat the opioid epidemic, and advance value-based care in the U.S. healthcare market.
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