TLDR
- KindlyMD closed a $210 million loan with Kraken, maturing in December 2026.
- The loan is secured by bitcoin collateral worth $323.4 million
- The funds will be used to repay KindlyMD’s prior loan with Antalpha Digital.
- KindlyMD shifts its borrowing focus from Antalpha to Kraken as part of its strategic plan.
- KindlyMD stock increased by 3.49%, closing at $0.4681 with a steady after-hours rise.
KindlyMD has finalized a $210 million loan facility with Kraken. The company disclosed the agreement in an 8-K form filed with the SEC. The loan will be used to repay a prior loan with Antalpha Digital.
Loan Terms and Collateral Arrangements
The loan agreement, established on December 9, is set for a one-year term. It carries an annual fee of 8.00%, with a maturity date of December 4, 2026. The loan is secured by bitcoin collateral worth at least $323.4 million.
Kraken-affiliated Payward Financial will hold the collateral under a shared account control agreement with KindlyMD and Nakamoto Holdings. The company’s subsidiary Nakamoto Holdings will manage the loan, using the funds to satisfy the remaining obligations with Antalpha Digital.
Repayment of Antalpha Loan and Transition to Kraken
KindlyMD’s new loan agreement ends its relationship with Antalpha Digital. The repayment is part of a broader strategy to shift borrowing arrangements. The company had formed a partnership with Antalpha in October, issuing $250 million secured convertible notes. By repaying the loan with Antalpha, KindlyMD will focus on its new partnership with Kraken.
This move is aligned with the company’s transformation from a healthcare firm to a bitcoin treasury vehicle. In the previous months, KindlyMD has accumulated a Bitcoin position of 5,765 BTC at an average price of $118,204 each. After selling part of the holdings for investments, the company held 5,389 BTC as of November 12, 2025.
KindlyMD Inc. Sees 3.49% Gain in Stock Price, Closes at $0.4681
Following this loan agreement, KindlyMD stock has reacted positively to the market. According to Market Watch data at the time of press, the stock data shows KindlyMD Inc. (NAKA) at a closing price of $0.4681. The price moved up by 0.0158, or 3.49%, compared to the previous close. After hours, the price increased slightly to $0.4701, with a 0.43% change.
The day’s volume stands at 10.58 million shares, lower than the 65-day average of 26.12 million. The day’s trading range was between $0.4295 and $0.4726. The stock maintained its after-hours trading near the upper end of this range. The 52-week range for NAKA spans from $0.4277 to $34.7700, indicating significant price fluctuations within the past year.
