KindlyMD Taps Kraken for $210M USDT Loan Backed by BTC Collateral
What Did KindlyMD Announce About Its New Financing?
Utah-based KindlyMD disclosed that it has entered into a loan agreement with Payward Interactive, the entity behind the Kraken crypto platform. An SEC filing shows that KindlyMD’s subsidiary, Nakamoto Holdings, closed a $210 million USDT-denominated loan facility with Kraken on Dec. 9. The one-year fixed-term facility carries an annual fee of 8.00% and matures on Dec. 4, 2026.
The filing states that the valued at no less than $323.4 million. The collateral sits under a shared account control agreement involving Nakamoto Holdings, Kraken, and Kraken-affiliated Payward Financial, which serves as custodian.
According to the disclosure, the new facility will replace KindlyMD’s existing debt. “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,” the filing said.
Investor Takeaway
Why Is KindlyMD Shifting Away From Antalpha?
KindlyMD and Antalpha entered a partnership in October, which included Nakamoto Holdings issuing $250 million in five-year secured convertible notes to the Singapore-based fintech firm. By paying off that loan in full, KindlyMD is cutting ties with Antalpha and consolidating its borrowing under the Kraken facility.
This step brings the company’s financing closer to the structure it has built around its BTC treasury. Since its merger with Nakamoto Holdings in August, KindlyMD has shifted its business away from healthcare and toward managing BTC-based financial instruments. The Kraken loan — secured entirely with BTC — aligns the company’s debt obligations with its asset base.
The move also reflects the firm’s decision to operate with a single secured lender instead of maintaining parallel credit lines with diverse structures and terms.
How Large Is KindlyMD’s BTC Treasury?
The company has rapidly accumulated BTC since reorganizing around its treasury operations. By the end of September, KindlyMD had purchased 5,765 BTC at an average cost of $118,204 per BTC. later than deploying 367 BTC for investments, the firm held 5,389 BTC as of Nov. 12, 2025.
The size of its holdings explains the scale of the collateral backing the Kraken loan. With BTC pledged at a minimum value of $323.4 million, the facility is over-collateralized relative to the $210 million USDT borrowed.
KindlyMD’s in recent months show that the firm has been positioning its treasury to support credit arrangements tied directly to its BTC stack. The Kraken agreement continues that pattern.
Investor Takeaway
What Does the Deal Mean for KindlyMD and Kraken?
For KindlyMD, replacing Antalpha’s financing with a USDT gives the company a clearer treasury structure tied directly to Kraken’s custody and lending arm. The agreement also avoids liquidating BTC holdings at a time when the firm has built its identity around a BTC treasury vehicle.
For Kraken, the arrangement adds another large-scale client to its growing BTC-collateral lending business. Kraken already holds the pledged BTC through an affiliated custodian, allowing the platform to extend credit within a controlled framework while keeping custody risk internal to its corporate group.
KindlyMD’s stock (NAKA) closed at $0.47 on Tuesday, up 3.5% on the day, according to Google Finance data.
The next stages include managing the collateral account, monitoring BTC valuations relative to loan terms and preparing for the facility’s maturity in December 2026. Whether the firm expands its borrowing further will depend on and its treasury plans heading into 2026.
