KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%

KindlyMD Turns to Kraken as Fourth Provider for BTC-Backed $210M Loan at 8%

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An SEC filing shows the Kraken facility will be used to retire an outstanding Antalpha loan and requires significant bitcoin collateral.

By James Van Straten|Edited by Sheldon Reback

Updated Dec 10, 2025, 11:54 a.m. Published Dec 10, 2025, 11:54 a.m.

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 BTC$92,092.90 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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