KindlyMD partners with Antalpha for $250 million convertible debt facility

KindlyMD Inc. (NASDAQ: NAKA) announced a strategic partnership with Antalpha (NASDAQ: ANTA) and signed a non-binding letter of intent for a $250 million secured convertible notes facility.

The healthcare services provider and Bitcoin treasury company said the 5-year convertible notes are intended to provide long-term financing with reduced dilution risk compared to standard convertible debt. Proceeds will be used to expand Bitcoin holdings in the Nakamoto Bitcoin Treasury, replace a prior $203 million Bitcoin-secured credit from Two Prime Lending Limited, and for general corporate purposes.

Antalpha, a fintech company specializing in digital asset financing solutions, will provide an interim Bitcoin-backed loan to KindlyMD pending completion of the convertible debt facility. The Two Prime credit facility will remain available for future use.

"This partnership represents the power of Bitcoin companies backing Bitcoin companies," said David Bailey, Chairman and CEO of KindlyMD. "Together with Antalpha, we are not only addressing today's financing needs but also laying the foundation for future structures tailored to the unique requirements of Bitcoin treasury companies."

Dr. Derar Islim, COO and CEO of Antalpha Americas & EMEA, said the partnership aligns with Nakamoto's strategy to invest in a global network of Bitcoin companies. "We are building new structures that bridge the gap between traditional financing and the realities of the Bitcoin market," he stated.

KindlyMD completed its merger with Nakamoto Holdings Inc. in August 2024, creating a public Bitcoin treasury strategy that combines healthcare services with Bitcoin treasury management. The company said this partnership follows its transition away from prior financing arrangements toward partnerships that share its long-term vision.

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