KindlyMD Secures 210M USDT Loan from Kraken Backed by Bitcoin

Key Highlights

KindlyMD secures a 210 million USDT loan from Kraken at an 8% annual fee, fully backed by over $323M in bitcoin held under a shared custody agreement.
The company will use the proceeds to repay its Antalpha Digital loan in full, shifting its financing partnership entirely to Kraken.
After merging with Nakamoto Holdings, KindlyMD now operates as a bitcoin treasury firm, currently holding more than 5,300 BTC.

Utah-based KindlyMD has shifted its financing strategy toward the crypto exchange Kraken, securing a major loan backed by bitcoin collateral.

The move brings an end to its borrowing relationship with Singapore-based Antalpha Digital and strengthens KindlyMD’s position as a bitcoin treasury operator.

Loan agreement details

According to a Form 8-K filing with the U.S. Securities and Exchange Commission, KindlyMD’s subsidiary Nakamoto Holdings signed a loan facility with Payward Interactive, the company that operates Kraken. The agreement was finalized on December 9.

The one-year loan totals 210 million USDT with an annual fee rate of 8%. The credit line matures on December 4, 2026. The filing states that the loan is fully secured by bitcoin worth at least $323.4 million. The collateral is held by Payward Financial under a shared account control agreement involving all three parties.

The filing notes that the proceeds from this loan will be used to repay and close out the company’s existing debt under its Master Loan Agreement, signed in October 2025 with Antalpha Digital.

Transition away from Antalpha Digital

KindlyMD and Antalpha entered into a strategic relationship in October when Nakamoto Holdings issued $250 million in secured convertible notes to the fintech firm. By repaying this loan in full using Kraken financing, KindlyMD will officially terminate that partnership and consolidate its borrowing under Kraken.

Bitcoin-backed financial strategy

KindlyMD, originally focused on healthcare, shifted its business model earlier this year after merging with Nakamoto Holdings in August. It now operates primarily as a bitcoin treasury and investment company.

As of late September, the company had acquired a total of 5,765 Bitcoin at an average purchase price of $118,204. After deploying 367 Bitcoin for investments, KindlyMD reported holding 5,389 Bitcoin as of November 12, 2025.

The SEC filing also outlines customary collateral management terms, including requirements for maintaining collateral value and rules for returning excess collateral if bitcoin prices rise or requesting more collateral if prices fall.

Market reaction

KindlyMD trades on Nasdaq under the ticker NAKA. On Tuesday, the stock closed 3.5% higher at $0.47, according to market data.

About the SEC filing

The Form 8-K filed with the SEC specifies that KindlyMD’s new lending arrangement allows Nakamoto Holdings to borrow fiat or digital currencies from Kraken under agreed term sheets. The loan is prepayable, though early repayment within the first six months would trigger a make-whole fee.

The report confirms that the 93 million USDT initial loan issued on December 4 has now been rolled into the full 210 million USDT agreement executed on December 9.