Crypto News
Utah-based KindlyMD announced Tuesday that it has entered into a loan agreement with Payward Interactive, operator of crypto exchange Kraken. Wholly owned subsidiary Nakamoto Holdings closed a $210 million USDT loan facility with Kraken on December 9th.
The one-year fixed loan has an annual fee of 8.00% and expires December 4, 2026. The loan facility is secured by a minimum value of $323.4 million in Bitcoin collateral held by Kraken-affiliated Payward Financial under a shared account control agreement between the three parties.
KindlyMD will use the proceeds from the Kraken loan to fully satisfy its obligations under the existing term loan facility with Antalpha Digital, according to the SEC disclosure. This effectively ends the relationship with the Singapore-based fintech company and shifts borrowing to Kraken.
KindlyMD and Antalpha formed a strategic partnership in October, with Nakamoto issuing $250 million in five-year secured convertible notes to Antalpha. By fully repaying the Antalpha loan, the company is restructuring its debts with a new lending partner.
KindlyMD, originally a healthcare company, completed its merger with Nakamoto Holdings in August to focus on operating a Bitcoin treasury vehicle. Since then, the company has shifted its core business to the accumulation and management of digital assets.
Shares of KindlyMD (NAKA) closed Tuesday on the Nasdaq up 3.5% at $0.47. The loan agreement with Kraken provides the company with additional capital flexibility while maintaining its Bitcoin-focused strategy and treasury activities under the revised financing terms.
As of the end of September, the company had purchased 5,765 Bitcoin at an average price of $118,204 per Bitcoin. After using 367 Bitcoin for investments, the company held 5,389 Bitcoin as of November 12, showing active treasury management in parallel with lending activities.
Disclaimer: This content was translated by AI, errors possible.
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