KindlyMD and Antalpha Announce $250 Million Convertible Debt Facility
KindlyMD, Inc. (NASDAQ: NAKA) has partnered with fintech firm Antalpha Platform Holding Co. (NASDAQ: ANTA). They plan to establish a $250 million convertible debt facility. This aims to offer new financing options for companies holding Bitcoin (BTC) in their treasury.
KindlyMD’s subsidiary, Nakamoto Holdings, signed a non-binding letter of intent. It covers issuing $250 million in five-year secured convertible notes to Antalpha. The funds will support long-term financing, expand Nakamoto’s Bitcoin holdings, and cover general corporate needs.
The proceeds will replace a previous $203 million Bitcoin-backed credit from Two Prime Lending. However, that credit facility will remain available. Antalpha will provide an interim Bitcoin-backed loan until the new facility is finalized.
The deal is non-binding and still requires final terms on conversion, security, and covenants. Market observers will watch closely for the executed agreement and funding timeline.
Company Strategy and Leadership Update
KindlyMD’s shares have fallen sharply recently, trading just above $1 per share. Despite this, the company remains focused on growing its Bitcoin treasury, now valued at over $700 million.
David Bailey, Chairman and CEO of KindlyMD, said, “It’s meaningful to work with a longstanding, mission-aligned Bitcoin company to create financial solutions for Nakamoto and the wider industry. Together with Antalpha, we are not only addressing today’s financing needs, but we are also laying the foundation for future structures tailored to the unique requirements of Bitcoin treasury companies.”
Antalpha’s COO, Dr. Derar Islim, added that the partnership fits their vision for the Bitcoin industry. He said the deal helps “bridge the gap between traditional financing and the realities of the Bitcoin market.” He called it “the first step” toward scalable solutions for treasury companies and broader Bitcoin adoption among public firms.
This partnership follows CEO David Bailey’s September 15 shareholder letter. The letter emphasized aligning with shareholders and financial partners to support KindlyMD’s long-term strategy.
Additional Information
- KindlyMD and Antalpha Partnership Details
- KindlyMD CEO September 15 Shareholder Letter
