KindlyMD Shares Plummet 10% After Missing Q3 Earnings Deadline Amid Crypto Merger Chaos
KindlyMD's Nasdaq-listed stock (NAKA) tumbled nearly 10% following its failure to meet the Q3 earnings deadline, compounding a 25% weekly decline. The healthcare-turned-crypto hybrid cited accounting complexities from its merger with Nakamoto Games, a crypto treasury firm, as the primary delay cause.
A $59 million write-down on the Nakamoto acquisition looms—equivalent to the gross overpayment for assets now deemed nearly worthless. David Bailey, Nakamoto's founder and KindlyMD's current CEO, remained silent on the financial turmoil, opting instead to comment on unrelated leadership changes at his media venture BTC Inc.
The stock's 95% collapse over six months underscores the risks of traditional companies pivoting to crypto. No major exchanges currently list NAKA, but the debacle reverberates through crypto-adjacent equities as investors reassess merger valuations.
