Utah-based KindlyMD announced Tuesday that its subsidiary Nakamoto Holdings has finalized a $210 million USDT-denominated loan facility with Kraken, the crypto exchange operated by Payward Interactive. The loan, closed on December 9, carries a one-year fixed term at 8% annual interest and matures on December 4, 2026.
The facility is secured by Bitcoin collateral worth at least $323.4 million, held under a shared custody agreement between KindlyMD, Kraken, and Payward Financial. This arrangement ensures robust control while allowing KindlyMD to leverage its Bitcoin holdings efficiently.
🚨BITCOIN TREASURY FIRM FACES NASDAQ DELISTING RISK#Bitcoin treasury company KindlyMD risks being DELISTED from Nasdaq.
— Coin Bureau (@coinbureau) December 17, 2025
The firm has until June 8, 2026 to regain compliance by closing at $1 and above for 10 consecutive trading days. pic.twitter.com/5nahoii9HP
Proceeds from the Kraken loan will be used to fully repay an outstanding term loan with Singapore-based Antalpha Digital, effectively ending the company’s previous lending relationship. KindlyMD initially partnered with Antalpha in October, issuing five-year $250 million secured convertible notes, but the new facility with Kraken marks a strategic debt restructuring.
Originally a healthcare company, KindlyMD merged with Nakamoto Holdings in August to pivot into a Bitcoin treasury vehicle. The firm has since shifted focus to digital asset accumulation and management, using innovative financing structures to grow its treasury.
The Nasdaq-listed company (NAKA) saw its shares rise 3.5% to $0.47 on Tuesday following the announcement. The Kraken loan provides added capital flexibility while enabling the company to maintain its Bitcoin-focused strategy and treasury operations.
By the end of September, KindlyMD had acquired 5,765 Bitcoin at an average price of $118,204 per coin. After deploying 367 BTC for investments, the company held 5,389 Bitcoin as of November 12, demonstrating active treasury management alongside strategic borrowing.
This partnership with Kraken positions KindlyMD to optimize its Bitcoin treasury while simplifying its debt structure, signaling a growing trend of public companies leveraging crypto-backed loans to strengthen financial operations.
