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KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%
An SEC filing shows the Kraken facility will be used to retire an outstanding Antalpha loan and requires significant bitcoin collateral.
Dec 10, 2025, 11:54 a.m.
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What to know:
- KindlyMD turned to Kraken for a $210 million loan “bearing a fee of 8% per annum” with maturity on Dec. 4, 2026.
- The company said it will use the proceeds to satisfy its obligations to Antalpha Digital in full.
- Kraken becomes the company’s fourth financing source this year following earlier arrangements with Yorkville Advisors, Two Prime and Antalpha.
KindlyMD (NAKA), a health-care company that holds bitcoin as a treasury asset, said it agreed to borrow $210 million from crypto exchange Kraken to repay an existing loan from Antalpha Digital that itself was used to repay a credit line from Two Prime Lending.
The one-year loan signed by KindlyMD's subsidiary Nakamoto Holdings matures on Dec. 4, 2026 and bears an annual interest rate of 8%, KindlyMD said in an SEC filing Tuesday. The agreement allows it to borrow fiat or digital assets “from time to time” under individual loan term sheets.
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The SEC filing notes that the new credit is backed entirely by bitcoin, with the borrower required to post collateral of not less than $323.4 million in value, about 3,500 BTC at current prices. KindlyMD, the 19th-largest corporate bitcoin holder, owns 5,398, according to BitcoinTreasuries.net
Kraken becomes the latest in a sequence of lenders the company has relied on this year, following previous financings involving Yorkville Advisors, Two Prime, and Antalpha Digital.
NAKA is trading at $0.46, down 99% from its all time high.
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