Here are 1-2 brief analogies to describe Kindly MD (NAKA):

• One Medical for chronic pain management and medical cannabis.

• A specialized healthcare provider network, similar to DaVita for dialysis centers, but focusing on integrated pain management and medical cannabis clinics.

• Medical Cannabis Evaluations and Recommendations: Provides medical evaluations for patients to obtain state-issued medical marijuana cards and offers ongoing support for therapeutic cannabis use.
• General Health and Wellness Services: Offers a range of primary care services, including preventative care, weight management programs, hormone therapy, and IV hydration.

There appears to be a discrepancy in the company name provided. The public company trading under the symbol NAKA is currently Solace Therapeutics, Inc., not "Kindly MD." Kindly MD (kindlymd.com) appears to be a separate, private primary care provider based in Utah. This response will provide customer information for Solace Therapeutics, Inc. (NAKA), assuming that was the intended public company given the symbol.

Major Customers of Solace Therapeutics, Inc. (NAKA)

Solace Therapeutics, Inc. is a medical device company focused on developing and commercializing innovative solutions for various health conditions, primarily the Vesair Bladder Control System for overactive bladder (OAB) in women. The company sells its medical devices and related support services primarily to other companies in the healthcare sector, specifically various healthcare providers.

Solace Therapeutics does not typically disclose specific individual customer companies in its public filings, as its sales are generally distributed across numerous medical practices and institutions. Therefore, its major customers are best described by categories of healthcare entities that purchase and utilize their products.

Categories of Customer Companies:

• Urology Practices and Clinics: These are specialized medical practices focusing on the urinary tract system. Urologists are key specialists who diagnose and treat conditions like overactive bladder, making their independent or group practices primary customers for devices such as the Vesair system.
• Women's Health Centers and OB/GYN Practices: Given that the Vesair Bladder Control System is specifically designed for overactive bladder in women, clinics and practices specializing in women's health, including obstetrics and gynecology, are significant customers who adopt and offer this treatment to their patient base.
• Hospitals and Ambulatory Surgery Centers: Larger healthcare institutions, including hospital systems with dedicated urology or women's health departments, as well as freestanding ambulatory surgery centers, may purchase and integrate Solace Therapeutics' devices into their comprehensive patient care offerings.

David Bailey, Chief Executive Officer

David Bailey was appointed CEO and Chairman of Kindly MD in August 2025, following the company's merger with Nakamoto Holdings Inc.. He is a co-founder and CEO of BTC Inc., established in 2013, where he expanded its media portfolio to include Bitcoin Magazine and The Bitcoin Conference. Bailey is also a co-founder and General Partner at UTXO Management. He has over a decade of executive leadership and investment experience, particularly in Bitcoin, and has a track record of building companies over 13 years, including through multiple Bitcoin market cycles. His prior experience includes involvement with companies such as Foundry, Galaxy, Fidelity Investments, and VICE Media.

Jared Barrera, Chief Financial Officer

Jared Barrera has served as CFO of Kindly MD since 2022. He possesses two decades of expertise in finance and accounting within the healthcare and banking sectors. Barrera played a crucial role in Kindly MD's 2024 Nasdaq IPO, ensuring financial readiness and regulatory compliance. His previous roles include Director of Finance for Physician Group of Utah from 2015 to 2018 and Senior Manager of Revenue Cycle and Business Intelligence at Granger Medical Clinic from 2018 to 2022.

Tim Pickett, Chief Medical Officer

Tim Pickett, MPAS-C, is the founder of Kindly MD, established in 2019, and previously served as its CEO before becoming Chief Medical Officer in August 2025 after the merger with Nakamoto Holdings. He continues to lead Kindly MD's healthcare services platform and is the CEO of the Kindly LLC subsidiary. Pickett brings over a decade of medical and executive leadership experience, having practiced in general surgery, trauma, and emergency medicine with Steward Medical Group in Utah. He led Kindly MD through its Nasdaq IPO in 2024.

Amanda Fabiano, Chief Operating Officer

Amanda Fabiano brings over a decade of experience in scaling Bitcoin infrastructure, mining, and investing strategies. She co-founded Second Gate Advisory, a firm providing strategic advisory services to growth-stage Bitcoin and Bitcoin mining companies. Prior to this, she was the Head of Mining at Galaxy Digital from 2020 to 2023 and the Director of Bitcoin Mining at Fidelity Investments from 2013 to 2020. Fabiano also serves as a Board Member of Terawulf Inc. (NASDAQ: WULF).

Tyler Evans, Chief Investment Officer

Tyler Evans leads the origination and investment strategy for the Nakamoto Bitcoin Treasury at Kindly MD. He is a co-founder of UTXO Management, where he also serves as Managing Partner and Chief Investment Officer alongside David Bailey. Additionally, Evans is a Director and co-founder of BTC Inc.. He holds board positions at Metaplanet Inc., Smarter Web Company PLC, Matador Inc., and BTC Inc..

1. Nasdaq Delisting Risk: The most immediate and pressing risk for Kindly MD is the potential delisting from the Nasdaq exchange. The company received notice that its stock price has remained below the required $1 minimum bid for 30 consecutive business days. Kindly MD has until June 8, 2026, to regain compliance by ensuring its share price closes at or above $1 for at least 10 consecutive trading days. Failure to do so could result in delisting, which would significantly impact its liquidity and ability to raise capital.
2. Bitcoin Price Volatility and Treasury Strategy: Kindly MD has transitioned to a business model heavily reliant on holding Bitcoin in its treasury, making it susceptible to the extreme volatility of cryptocurrency markets. This strategy has already led to substantial unrealized losses and has been a major factor in the sharp decline of its stock price, which has plummeted by as much as 99% since its peak in May. The company's financial performance is now heavily influenced by Bitcoin's price fluctuations.
3. Share Dilution and Weak Financial Fundamentals: The company has undertaken financing strategies, including private investment in public equity (PIPE) deals and at-the-market equity programs, which have resulted in significant shareholder dilution. This dilution, coupled with discounted share sales, has contributed to the downward pressure on NAKA's stock price. Furthermore, Kindly MD exhibits weak underlying financial fundamentals, characterized by deeply negative profitability ratios, declining revenues in its core healthcare operations, and substantial net losses.

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Addressable Markets for Kindly MD's Healthcare Services (U.S. Region)

• Chronic Pain Management: The U.S. pain management market was valued at approximately USD 31.80 billion in 2024 and is projected to reach USD 43.58 billion by 2033. The U.S. pain management drugs market, a related segment, was estimated at USD 32.79 billion in 2025 and is predicted to grow to about USD 44.90 billion by 2034.
• Behavioral Health Services: The U.S. behavioral health market was valued at USD 87.82 billion in 2024 and is projected to grow to USD 132.46 billion by 2032. Other estimates indicate the market was calculated at USD 96.9 billion in 2025 and is expected to reach USD 151.62 billion by 2034.
• Virtual Care (Telehealth/Telemedicine): The U.S. telehealth market reached US$ 42.61 billion in 2024 and is anticipated to increase to US$ 52.76 billion in 2025. By 2034, this market is forecasted to achieve a value of around US$ 358.96 billion. The broader U.S. virtual care market, which includes telehealth, was estimated at USD 8.83 billion in 2024 and is expected to grow to USD 46.29 billion by 2030.

• Integration of Bitcoin Treasury Strategy: A significant driver is the definitive merger agreement with Nakamoto Holdings, announced in May 2025. This strategic partnership aims to establish Kindly MD as a publicly traded Bitcoin treasury vehicle, combining its healthcare expertise with Nakamoto's vision of integrating Bitcoin into global capital markets. This hybrid approach positions the company for revenue and asset growth stemming from its Bitcoin holdings and related financial strategies.
• Expansion and Optimization of Integrated Healthcare Services: Kindly MD is focused on providing comprehensive, whole-person care by integrating traditional primary care, pain management, behavioral health, and alternative therapies. While the company saw a decrease in Q2 2025 revenues from reduced cash-pay patient pricing and location closures, insurance reimbursements within its healthcare segment demonstrated substantial growth of 153.1%, indicating a strategic shift or success in higher-reimbursement services.
• Strategic Investments and Partnerships in the Digital Asset Sector: Beyond its core Bitcoin treasury, Kindly MD, through its subsidiary Nakamoto, is actively pursuing strategic partnerships and investments in the digital asset industry. Examples include a partnership with Antalpha, a fintech company specializing in digital asset financing and risk management, and a $30 million investment commitment in Metaplanet Inc. to accelerate Bitcoin accumulation. These initiatives are expected to expand its presence and generate value within the broader digital asset ecosystem.
• Substantial Capital Infusion: The company has secured significant financing commitments totaling over $761 million through PIPE investments and convertible notes. This substantial capital provides the necessary resources to execute its ambitious growth strategies, including further investments in its Bitcoin treasury, potential expansion of its healthcare operations, and strategic digital asset ventures.

Share Repurchases

• A buyback plan announced on October 15, 2024, resulted in the repurchase of 28,000 shares for $0.03 million, completed by June 30, 2025.
• Kindly MD's S-3ASR filing on September 12, 2025, indicated that proceeds from future securities offerings may be used for share repurchases, but no specific dollar amount was authorized.

Share Issuance

• On August 26, 2025, Kindly MD announced an at-the-market (ATM) equity offering program authorizing the issuance and sale of common stock with an aggregate offering price of up to $5 billion. The net proceeds are intended for general corporate purposes, including the Bitcoin Treasury Strategy, working capital, funding acquisitions, and capital expenditures.
• As of June 20, 2025, Kindly MD closed an additional $51.5 million in private placement in public equity (PIPE financing) at $5.00 per share, bringing the total PIPE financing to approximately $563 million, or $763 million including convertible notes.
• In connection with a secured convertible debenture, 3.0 million unregistered shares of common stock were issued to an investor as "Convert Fee Shares" on August 15, 2025.

Inbound Investments

• Kindly MD secured a $203,017,500 term loan facility from Two Prime Lending Limited on October 3, 2025, with proceeds primarily used to redeem a $200 million convertible debenture.
• On October 7, 2025, the company announced a non-binding Letter of Intent for a 5-year, $250 million secured convertible note with Antalpha, intended to expand Bitcoin holdings and replace the prior Two Prime credit facility.
• Prior to and concurrent with its merger, Kindly MD raised approximately $563 million in PIPE financing and $763 million including convertible notes, with an additional $51.5 million PIPE financing closing on June 20, 2025.

Outbound Investments

• Following its merger in August 2025, Kindly MD, through its subsidiary Nakamoto Holdings, made an initial purchase of 5,744 Bitcoin, amounting to approximately $679 million at an average price of $118,204.88 per BTC.
• On September 9, 2025, Kindly MD's subsidiary, Nakamoto Holdings Inc., committed up to $30 million to invest in Metaplanet Inc.'s international equity financing.
• Nakamoto Holdings Inc. also made a minority investment in Treasury B.V., a Netherlands-based Bitcoin company, on September 3, 2025.

Capital Expenditures

• For the last 12 months as of November 8, 2025, capital expenditures were reported as -$2,111.
• The net proceeds from the $5 billion at-the-market equity offering program, announced in August 2025, are intended for general corporate purposes, which include capital expenditures, among other uses.