# EDGAR Filing Document

**Accession Number:** 0001946573
**File Stem:** 0001493152-26-013703
**Filing Date:** 2026-3
**Character Count:** 25410
**Document Hash:** 89316dc4c65ed77be2861fe52494e88e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-013703.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001493152-26-013703

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nakamoto Inc.
- **CENTRAL INDEX KEY:** 0001946573
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 843829824
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294755
- **FILM NUMBER:** 26816048

**BUSINESS ADDRESS:**
- **STREET 1:** 5097 SOUTH 900 EAST
- **STREET 2:** SUITE 100
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84117
- **BUSINESS PHONE:** (385) 388-8220

**MAIL ADDRESS:**
- **STREET 1:** 5097 SOUTH 900 EAST
- **STREET 2:** SUITE 100
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kindly MD, Inc.
- **DATE OF NAME CHANGE:** 20220913

As filed with the Securities and Exchange Commission on March 31, 2026

**Registration No. 333-**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8** **<br> REGISTRATION STATEMENT**

**UNDER<br> THE SECURITIES ACT OF 1933**

**Nakamoto Inc.**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **84-3829824** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **300 10<sup>th</sup> Ave South,** <br> **Nashville, Tennessee**<br> (Address of Principal Executive Offices) | **<br> 37203**<br> (Zip Code) |

---

**Kindly MD, Inc. 2025 Equity Incentive Plan**

(Full title of the plan)

**David Bailey**

**Chief Executive Officer** 

**Nakamoto Inc.**

**300 10<sup>th</sup> Ave South, Nashville, TN 37203**

**(615) 676-8668**<br> (Name, address and telephone number, including area code, of agent for service)

Copy to:<br>

---

| | |
|:---|:---|
| **Lynwood E. Reinhardt**<br> **Anne G. Peetz**<br> **Katherine E. Geddes**<br> **Reed Smith LLP**<br> **2850 N. Harwood Street, Suite 1500**<br> **Dallas, TX 75201**<br> **Telephone: (469) 680-4220** | **Jeffrey G. Aromatorio, Esq.**<br> **Reed Smith LLP**<br> **225 Fifth Avenue**<br> **Pittsburgh, Pennsylvania 15222**<br> **(412) 288-3364** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐ Accelerated Filer ☐ <br> Non-Accelerated Filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (the "Registration Statement") has been prepared and filed pursuant to and in accordance with the requirements of General Instruction E to Form S-8 for the purpose of registering (a) an additional 78,427,012 shares of common stock, par value $0.001 per share (the "Common Stock"), of Nakamoto Inc. (formerly known as Kindly MD, Inc.) (the "Registrant") underlying "Substitute Awards" (as defined in the Kindly MD, Inc. 2025 Equity Incentive Plan (the "Plan")) granted by the Registrant in connection with the Registrant's acquisition of BTC Inc., as previously reported by the Registrant; and (b) an additional 21,597,316 shares of Common Stock pursuant to the provisions of the Plan that provide for an automatic annual increase in the number of shares reserved for issuance thereunder.

Pursuant to the Registration Statement on Form S-8 (File No. 333-290229) filed by the Registrant on September 12, 2025 (the "Prior Registration Statement"), the Registrant previously registered an aggregate of 37,611,971 shares of Common Stock under the Plan. The additional shares of Common Stock being registered by this Registration Statement are of the same class as those securities registered on the Prior Registration Statement. The contents of the Prior Registration Statement, together with all exhibits filed therewith or incorporated therein by reference to the extent not otherwise amended or superseded by the contents hereof or otherwise, are incorporated herein by reference in accordance with General Instruction E to Form S-8.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the Note to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants in the equity compensation plans covered by this Registration Statement, as specified by Rule 428(b)(1) under the Securities Act.

**PART II<br> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

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| | |
|:---|:---|
| **ITEM 3.** | **INCORPORATION OF DOCUMENTS BY REFERENCE** |

---

The following documents filed with the Securities and Exchange Commission (the "Commission") by the Registrant are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Registrant's Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1946573/000149315226013601/form10-k.htm) for the fiscal year ended December 31, 2025,
 filed with the SEC on March 30, 2026;

(2) The
 Registrant's Current Reports on Form 8-K filed with the SEC on [January 21, 2026](https://www.sec.gov/Archives/edgar/data/1946573/000149315226003008/form8-k.htm) , [February 2, 2026](https://www.sec.gov/Archives/edgar/data/1946573/000149315226004594/form8-k.htm) , [February 17, 2026](https://www.sec.gov/Archives/edgar/data/1946573/000149315226006959/form8-k.htm) , and [February 26, 2026](https://www.sec.gov/Archives/edgar/data/1946573/000149315226008131/form8-k.htm) , to the extent the information in such report is filed and not furnished; and

(3) The
 description of our common stock contained in our Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1946573/000149315224018974/form8-a12b.htm) as filed with the SEC on May 13, 2024, as the
 description therein has been updated and superseded by the description of our capital stock contained in Exhibit 4.1 to our Annual
 Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 30, 2026, and including any amendments
 and reports filed for the purpose of updating such description

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein, or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Notwithstanding the foregoing, unless specifically stated to the contrary, none of the information disclosed by the Registrant under Items 2.02 or 7.01 of any Current Report on Form 8-K, including the related exhibits under Item 9.01, that the Registrant may from time to time furnish to the Commission will be incorporated by reference into, or otherwise included in, this Registration Statement.

---

| | |
|:---|:---|
| **ITEM 8.** | **EXHIBITS** |

---

The following exhibits are hereby filed as part of this Registration Statement:

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| 4.1 | [Certificate of Incorporation, dated as of December 17, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the SEC on January 21, 2026).](https://www.sec.gov/Archives/edgar/data/1946573/000149315226003008/ex3-1.htm) |
| 4.2 | [Certificate of Amendment, dated as of January 16, 2026 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed with the SEC on January 21, 2026).](https://www.sec.gov/Archives/edgar/data/1946573/000149315226003008/ex3-2.htm) |
| 4.2 | [Amended and Restated Bylaws (incorporated by reference to Exhibit 3.4 to the Company's Current Report on Form 8-K, filed with the SEC on January 21, 2026).](https://www.sec.gov/Archives/edgar/data/1946573/000149315226003008/ex3-4.htm) |
| 5.1 | <u>[Opinion of Reed Smith LLP (filed herewith).](ex5-1.htm)</u> |
| 23.1 | <u>[Consent of Sadler, Gibb & Associates, LLC (filed herewith).](ex23-1.htm)</u> |
| 23.2 | <u>[Consent of Reed Smith LLP (reference is made to Exhibit 5.1).](ex5-1.htm)</u> |
| 24.1 | <u>[Power of Attorney (reference is made to the signature page hereto).](#a_001)</u> |
| 99.1 | <u>[Kindly MD, Inc. 2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 filed with the Company's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1946573/000121390025045969/ea024266401ex10-2_kindly.htm)</u> |
| <br> 107 | [Filing Fee Table (filed herewith).](ex107.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in City of Nashville, Tennessee on March 31, 2026.

---

| | |
|:---|:---|
| **NAKAMOTO INC.** | **NAKAMOTO INC.** |
| By: | */s/ David Bailey* |
|  | David Bailey |
|  | Chief Executive Officer and Chairman |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints David Bailey and Teresa Gendron, and each of them acting individually and without the other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them individually, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ David Bailey* | Chief Executive Officer and Chairman<br>| March 31, 2026 |
| David Bailey | (*Principal Executive Officer*) |  |
| */s/ Teresa Gendron* | Chief Financial Officer<br>| March 31, 2026 |
| Teresa Gendron | (*Principal Financial Officer*) |  |
| */s/ John Dalton* | Chief Accounting Officer<br>| March 31, 2026 |
| John Dalton | (*Principal Accounting Officer*) |  |
| */s/ Charles P. Blackburn* | Director | March 31, 2026 |
| Charles P. Blackburn |  |  |
| */s/ Perianne Boring* | Director | March 31, 2026 |
| Perianne Boring |  |  |
| */s/ Timothy Pickett* | Director | March 31, 2026 |
| Timothy Pickett |  |  |
| */s/ Greg Xethalis* | Director | March 31, 2026 |
| Greg Xethalis |  |  |
| */s/ Mark Yusko* | Director | March 31 , 2026 |
| Mark Yusko |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

March 31, 2026

Nakamoto Inc.

300 10th Ave South,

Nashville, TN 37203

Ladies and Gentlemen:

We have acted as counsel to Nakamoto Inc., a Delaware corporation (formerly known as Kindly MD, Inc.) (the "Company"), in connection with the filing by the Company on the date hereof of a Registration Statement on Form S-8 (the "Registration Statement") with the Securities and Exchange Commission (the "Commission") covering the offer and sale of up to 100,024,328 shares of the Company's common stock, $0.001 par value per share (the "Shares"), issuable pursuant to the Kindly MD, Inc. 2025 Equity Incentive Plan (the "Plan"), including 78,427,012 Shares underlying "Substitute Awards" (as defined in the Plan) granted by the Company in connection with the Company's acquisition of BTC Inc., as previously reported by the Company, and 21,597,316 Shares pursuant to the provisions of the Plan that provide for an automatic annual increase in the number of shares reserved for issuance thereunder.

This opinion is being furnished at the Company's request in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act of 1933, as amended (the "Securities Act"), and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the prospectus forming a part thereof, other than as to the issuance of the Shares.

In rendering the opinion hereinafter expressed, we have made such legal and factual examinations and inquiries, including an examination of originals or copies certified or otherwise identified to our satisfaction as being true reproductions of originals, of all such documents, records, agreements and other instruments, including the Registration Statement, the Plan, the Certificate of Incorporation of the Company, as amended, the Amended and Restated Bylaws of the Company, and corporate minutes of the Company as we have deemed necessary and appropriate for the purpose of this opinion. We have assumed that there are no agreements or understandings between or among the Company and any participants in the Plan that would expand, modify or otherwise affect the terms of the Plan or the respective rights or obligations of any participants thereunder. We have further assumed the genuineness of all signatures, the authenticity of all documents, certificates and records submitted to us as originals, the conformity to original documents, certificates and records of all documents, certificates and records submitted to us as copies, and the truthfulness of all statements of fact contained therein.

Based upon the foregoing, and having regard to legal considerations and other information that we deem relevant, we are of the opinion that, as of the date hereof, when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers, and have been issued by the Company against payment therefor in the circumstances contemplated by the Plan and assuming that the individual issuances, grants or awards under the Plan are duly authorized by all necessary corporate action of the Company and duly issued, granted or awarded and exercised and paid for, for consideration at least equal to the par value thereof, in accordance with the requirements of law and the Plan (and the agreements and awards duly adopted thereunder and in accordance therewith), the offer and sale of the Shares shall have been duly authorized and, when and to the extent that the Shares are issued in accordance with the foregoing, such Shares will be legally issued, fully paid and non-assessable.

We express no opinion herein as to the laws of any state or jurisdiction other than the General Corporation Law of the State of Delaware.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and the reference to this firm therein. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.

---

| |
|:---|
| Very truly yours, |
| /s/ Reed Smith LLP |
| Reed Smith LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

As independent registered public accountants, we hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Nakamoto Inc., of our report dated March 30, 2026, with respect to the financial statements of Nakamoto Inc. for the years ended December 31, 2025 and 2024, included in its Annual Report (Form 10-K) filed with the Securities and Exchange Commission.

We also consent to the reference of our firm under the caption "Experts" in the registration statement.

*/s/ Sadler, Gibb and Associates, LLC*

Draper, UT

March 30, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nakamoto Inc.**  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common stock, $0.001 par value per share | Other | 78427012 | $0.113 | $8862252.36 | 0.0001381 | $1223.88 |
| 2 | Equity | Common stock, $0.001 par value per share | Other | 21597316 | $0.232 | $5010577.31 | 0.0001381 | $691.96 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $13872829.67  |  | $1915.84  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $1915.84  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional shares of the Registrant's Common Stock that become issuable under the Kindly MD, Inc. 2025 Equity Incentive Plan (the "Plan") by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrant's receipt of consideration which would increase the number of outstanding shares of common stock. Additionally, pursuant to Rule 416(b) under the Securities Act, if prior to the completion of the distribution of the securities registered under this registration statement, all the securities of a class, which includes the registered securities, are combined by a reverse stock split into a lesser number of securities of the same class, the number of undistributed securities of such class deemed covered by this registration statement shall be proportionately reduced. (2) Represents shares of Common Stock underlying "Substitute Awards" (as defined in the Plan) granted by the Registrant in connection with the Registrant's acquisition of BTC Inc., as previously reported by the Registrant. (3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act, and based upon a price of $0.113 per share, which is the weighted-average exercise price for the outstanding Substitute Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> (1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional shares of the Registrant's Common Stock that become issuable under the Kindly MD, Inc. 2025 Equity Incentive Plan (the "Plan") by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrant's receipt of consideration which would increase the number of outstanding shares of common stock. Additionally, pursuant to Rule 416(b) under the Securities Act, if prior to the completion of the distribution of the securities registered under this registration statement, all the securities of a class, which includes the registered securities, are combined by a reverse stock split into a lesser number of securities of the same class, the number of undistributed securities of such class deemed covered by this registration statement shall be proportionately reduced. (4) Represents shares of Common Stock reserved for issuance under the Plan pursuant to the provisions of the Plan that provide for an automatic annual increase in the number of shares reserved for issuance thereunder. The number of shares of Common Stock reserved and available for issuance under the Plan automatically increases on the first day of each year beginning in 2026 and ending in (and including) 2035 by the lesser of (A) five percent (5%) of the shares of Common Stock outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of Common Stock as determined by the Board or the Committee (as each is defined in the Plan). The Committee (as defined in the Plan) reduced the automatic annual increase by 300,000 shares pursuant to the foregoing clause (B). (5) Estimated in accordance with Rules 457(c) and 457(h) of the Securities Act solely for the purpose of calculating the registration fee on the basis of $0.232 per share, which is the average of the high and low prices of the Registrant's Common Stock, as reported on The Nasdaq Stock Market LLC, on March 30, 2026.

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| |
|:---|
| |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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