NAKA

After NVIDIA (NVDA) beat Q3 earnings and issued a strong Q4 outlook, artificial intelligence (AI) and high-performance computing (HPC) related stocks have surged in pre-market trading. The beat in expectations helped calm recent market jitters sparked by U.S. jobs data delays, fading rate cut expectations, and a 30% pullback in bitcoin from its record high. AI/HPC bitcoin miners have been the biggest beneficiaries of the stellar earnings beat. IREN (IREN) is up more than 8% at about $50, Cipher Mining (CIFR) is up 11% at over $16, and Hive Digital (HIVE) is up more than 6% at $3.28. Broader tech has also bounced, with Invesco QQQ up over 1.5% at $610 and NVIDIA (NVDA) up more than 5%. The strength in tech is supporting the DXY Index, which is back above 100 for the first time since Nov. 5. In addition, Kindly MD (NAKA) reported Q3 earnings after initially delaying results. The company posted $0.4 million in revenue for its medical business, down from $0.6 million in Q3 2024. NAKA recorded an $86 million net loss in Q3 2025, driven by non-cash charges from the Nakamoto merger and unrealized bitcoin losses. As of Sept. 30, NAKA reported $24,185 in cash on hand and holds 5,765 BTC at an average price of $118,204. The company has deployed 367 BTC for investments including in Metaplanet (3350), leaving 5,398 BTC in treasury as of Nov. 12; it also carries $203 million in convertible notes. NAKA is trading at 0.916 times mNAV, with shares at $0.54, little changed in pre-market.

Bitcoin treasury company Kindly MD’s share price dropped nearly 10% Monday after the firm said Friday that it won’t be able to meet the deadline for its third-quarter earnings “without unreasonable effort or expense.” The company’s shares, which trade on the Nasdaq under the NAKA ticker, had fallen to $0.55 by the end of the trading day. NAKA is now 25% down from a week ago, and more than 95% lower than it was six months ago. Large companies file within 40 days after the end of a quarter. All other U.S. publicly traded companies, including KindlyMD, have 45 days to file after the end of a quarter. For Q3, which ended on Sept. 30, that cutoff was November 14. But instead of its 10-Q, KindlyMD filed paperwork with the U.S. Securites and Exchange Commission on Friday to say the complexity of accounting related to its merger with Nakamoto has “necessitated additional time to ensure the accuracy and completeness of the information.” KindlyMD merged earlier this year with Nakamoto, a Bitcoin treasury firm formerly known as Nakamoto Games. As part of the merger, Nakamoto founder David Bailey was named CEO in August. Bailey has remarked on X about a new CEO taking over at BTC Inc., which he co-founded, but has not directly commented on the company’s share price or late quarterly earnings. The firm did signal in its filing that its numbers will show a “significant change” compared to this time last year. Morning Minute: Another $700M+ Bitcoin TreasuryCo Is Born NAKA said it expects to report a realized loss of $1.4 million on digital assets, meaning that it sold some of them. There will also be an unrealized loss of more than $22 million on digital assets it still holds, and a $14.4 million loss on extinguishment of debt. The filing also says the company will report a $59 million loss on its acquisition of Nakamoto, meaning that it paid more to acquire the company than the fair value of net assets received. But the company also said it expects to report a $21.8 million positive change in the fair value of contingent liability. That means one of the company’s liabilities has been marked down in value, which shows up in earnings as a gain.