Kindly MD (NASDAQ: NAKA), via its subsidiary Nakamoto Holdings, secured a $210 million, bitcoin-backed loan from cryptocurrency exchange Kraken to pay off a similar loan with Antalpha, according to an SEC filing.
“The Company will use the proceeds from the Kraken Loan to satisfy its obligations in full under the outstanding term loan facility extended under the Master Loan Agreement, dated October 6, 2025, with Antalpha Digital Pte. Ltd.,” the filing reads.
Kindly MD had previously drawn the Antalpha loan to pay off another bitcoin-backed loan from Two Prime.
The company executed the term sheet for the fixed-term loan on Tuesday. Kindly MD collateralized the loan with a portion of its bitcoin holdings, agreeing to pledge no less than $323.4 million worth of bitcoin to secure the debt.
The loan bears an annual fee of 8.00% and matures on December 4, 2026. Kindly MD has the option to pay the loan early, but if it does so within the first six months, it will have to compensate Kraken with a make-whole payment.
The total loan amount of $210 million supersedes a prior arrangement made earlier in December. Kindly MD and Kraken previously executed an initial term sheet on December 4, 2025, for $93 million, but they rolled this initial balance into the new aggregate principal of $210 million.
NAKA currently trades at 0.843x multiple on net asset value (mNAV).
