Kraken Becomes KindlyMD’s Fourth Partner in Securing a $210M BTC-Collateralized Loan at 8%

KindlyMD (NAKA) has tapped Kraken for a new $210 million loan, with the proceeds earmarked to pay off an existing facility from Antalpha Digital, according to a recent SEC filing. The Antalpha loan had itself been used to retire a previous credit line from Two Prime Lending, extending a cycle of refinancing for the health-care company, which holds bitcoin as a treasury asset.

The new loan, signed through KindlyMD’s subsidiary Nakamoto Holdings, carries an annual interest rate of 8% and matures on Dec. 4, 2026. The agreement gives the company the flexibility to draw either fiat or digital assets under separate term sheets throughout the year.

As outlined in the filing, the credit line is fully secured by bitcoin. KindlyMD must maintain at least $323.4 million in BTC—approximately 3,500 coins at current prices—as collateral. The company currently holds 5,398 BTC, ranking as the 19th-largest corporate holder according to BitcoinTreasuries.net.

Kraken is the latest lender to extend financing to KindlyMD this year, joining a list that already includes Yorkville Advisors, Two Prime Lending, and Antalpha Digital.