KindlyMD (NAKA) has partnered with digital asset financier Antalpha to establish a $250 million secured convertible debt facility, aiming to bolster its bitcoin treasury and enhance long-term balance sheet flexibility.
Through its subsidiary Nakomoto Holdings, KindlyMD will utilize Antalpha’s expertise in digital asset financing to develop new treasury tools tailored for bitcoin-focused companies.
The agreement, currently non-binding, envisions a five-year convertible note issuance to Antalpha. The proceeds are earmarked to refinance a previous $203 million bitcoin-secured credit line from Two Prime Lending and to expand KindlyMD’s bitcoin holdings. Pending completion, Antalpha will also extend an interim bitcoin-backed loan to the company.
KindlyMD currently holds 5,765 BTC. Its shares are trading just above $1, reflecting roughly a 95% decline from their all-time high in May.
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