KindlyMD Partners with Antalpha for $250M Financing Facility

KindlyMD (NAKA) has partnered with Antalpha to develop bespoke financing solutions for its Bitcoin treasury vehicle, Nakamoto Holdings. The partnership includes a $250 million five-year secured convertible note facility, which will fund expansion of Nakamoto's Bitcoin reserves and refinance a prior $203 million credit from Two Prime Lending. The arrangement is seen as a strategic move to deliver tailored financing structures for public companies holding Bitcoin as a treasury asset.

KindlyMD, Inc. (NASDAQ: NAKA), a provider of integrated healthcare services and a Bitcoin treasury vehicle through its subsidiary Nakamoto Holdings, has announced a strategic partnership with Antalpha Platform Holding Co. (NASDAQ: ANTA). The partnership includes a non-binding letter of intent under which Nakamoto Holdings plans to issue $250 million in five-year secured convertible notes to Antalpha KindlyMD to Issue $250M Convertible Debt with Antalpha^[1].

The convertible notes are intended to provide long-term financing with lower dilution risk for stockholders compared to standard convertible debt. The proceeds will be used to expand Bitcoin holdings in the Nakamoto Bitcoin Treasury, fund general corporate purposes, and replace a prior $203 million Bitcoin-backed credit facility from Two Prime Lending Limited, which will remain available for future use KindlyMD Forms Strategic Partnership with Antalpha, Plans $250 Million Convertible Debt Facility to Strengthen Bitcoin Treasury Strategy^[2].

Pending the completion of the convertible debt facility, Antalpha will provide an interim Bitcoin-backed loan to support KindlyMD’s treasury operations. The collaboration is designed to develop innovative financing structures for companies holding Bitcoin as a treasury asset and to support broader adoption of Bitcoin by public companies KindlyMD Forms Strategic Partnership with Antalpha, Plans $250 Million Convertible Debt Facility to Strengthen Bitcoin Treasury Strategy^[2].

David Bailey, Chairman and CEO of KindlyMD, described the collaboration as “the power of Bitcoin companies backing Bitcoin companies,” highlighting the intention to not only meet current financing needs but also create a framework for future initiatives benefiting both the company and the wider Bitcoin ecosystem KindlyMD to Issue $250M Convertible Debt with Antalpha^[1].

Dr. Derar Islim, COO and CEO of Antalpha Americas & EMEA, noted that the partnership reflects a shared vision for the role of Bitcoin in corporate treasury strategies. The agreement represents the first step in ongoing collaboration to develop solutions for treasury companies at scale KindlyMD Forms Strategic Partnership with Antalpha, Plans $250 Million Convertible Debt Facility to Strengthen Bitcoin Treasury Strategy^[2].

The partnership comes after CEO David Bailey’s September 15 shareholder letter, which emphasized aligning shareholders and financial partners to support KindlyMD’s long-term investment strategy. Since then, the company has shifted away from prior financing arrangements that were not fully consistent with this strategy, focusing instead on partners that share its commitment to long-term growth and Bitcoin adoption KindlyMD Forms Strategic Partnership with Antalpha, Plans $250 Million Convertible Debt Facility to Strengthen Bitcoin Treasury Strategy^[2].