KindlyMD secures 210M USDT loan from Kraken to repay Antalpha debt

KindlyMD has closed a new 210 million USDT loan facility with Kraken, according to an 8-K filing submitted to the SEC. The one-year loan, carrying an 8% annual fee, is fully secured by at least $323.4 million worth of bitcoin.

The company said the proceeds will be used to fully repay its outstanding loan with Antalpha, ending their financing relationship and shifting its borrowing to Kraken. The bitcoin collateral is held by Kraken-affiliated Payward Financial under a three-party account control agreement.

Formerly a healthcare firm, KindlyMD merged with Nakamoto Holdings in August to focus on operating a bitcoin treasury vehicle. As of mid-November, the company held 5,389 BTC after deploying part of its stack for investments. NAKA shares closed up 3.5% at $0.47 on Tuesday on Nasdaq.