KindlyMD (NAKA), a healthcare company holding Bitcoin As a treasury asset, the company said it agreed to borrow $210 million from cryptocurrency exchange Kraken to repay an existing loan from Antalpha Digital, which itself was used to repay Two Prime Lending’s credit line.
KindlyMD said in a filing with the SEC on Tuesday that the one-year loan signed by KindlyMD subsidiary Nakamoto Holdings will mature on December 4, 2026 and carry an annual interest rate of 8%. The agreement allows it to borrow fiat or digital assets “from time to time” subject to a personal loan term sheet.
The SEC filing states that the new credit is fully backed by Bitcoin and that borrowers will be required to post collateral worth no less than $323.4 million, which is approximately 3,500 Bitcoin at current prices. KindlyMD, the 19th largest corporate Bitcoin holder, owns 5,398 Bitcoins, according to BitcoinTreasuries.net
Kraken becomes the latest in a series 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.
