KindlyMD Secures Massive 210M USDT Loan from Kraken – Backed Entirely by Bitcoin
Forget traditional credit lines. A healthcare company just tapped into a $210 million war chest using crypto's oldest trick: borrowing against its Bitcoin.
The Bitcoin-Backed Blueprint
This isn't a speculative margin trade. KindlyMD secured a nine-figure loan in the form of 210 million USDT from crypto exchange Kraken, using its Bitcoin holdings as the sole collateral. The deal showcases a maturing financial playbook where Bitcoin acts not as a moonshot asset, but as a foundational treasury reserve—unlocking liquidity without the need to sell.
Why This Deal Matters
The structure bypasses banks entirely. No lengthy approvals, no intrusive covenants. Just a blockchain-verifiable asset pledged against a stablecoin loan. It's corporate finance, decentralized. For Kraken, it's a high-stakes bet on Bitcoin's stability; for KindlyMD, it's instant capital to scale operations, all while maintaining full exposure to any future upside in their BTC collateral. A neat trick if you can stomach the volatility—or trust the halving cycle more than a central banker's promise.
The Bigger Picture: Crypto Debt Is Growing Up
This transaction signals a shift. Large-scale, institutional crypto-backed lending is moving out of the shadows and into mainstream corporate strategy. It provides a template for other treasury-rich companies sitting on unrealized crypto gains: why sell when you can borrow? Of course, this all works wonderfully until the next major drawdown—when loan-to-value ratios get squeezed and the 'sound money' collateral starts looking a bit less sound. Just ask any legacy bank that once thought mortgage-backed securities were rock solid.
One thing's clear: the old financial world is watching, likely with a mix of intrigue and disdain, as companies start building with Bitcoin—not just betting on it.
Loan agreement details
According to a FORM 8-K filing with the U.S. Securities and Exchange Commission, KindlyMD’s subsidiary Nakamoto Holdings signed a loan facility with Payward Interactive, the company that operates Kraken. The agreement was finalized on December 9.
The one-year loan totals 210 million USDT with an annual fee rate of 8%. The credit line matures on December 4, 2026. The filing states that the loan is fully secured by bitcoin worth at least $323.4 million. The collateral is held by Payward Financial under a shared account control agreement involving all three parties.
The filing notes that the proceeds from this loan will be used to repay and close out the company’s existing debt under its Master Loan Agreement, signed in October 2025 with Antalpha Digital.
Transition away from Antalpha Digital
KindlyMD and Antalpha entered into a strategic relationship in October when Nakamoto Holdings issued $250 million in secured convertible notes to the fintech firm. By repaying this loan in full using Kraken financing, KindlyMD will officially terminate that partnership and consolidate its borrowing under Kraken.
Bitcoin-backed financial strategy
KindlyMD, originally focused on healthcare, shifted its business model earlier this year after merging with Nakamoto Holdings in August. It now operates primarily as a bitcoin treasury and investment company.
As of late September, the company had acquired a total of 5,765 Bitcoin at an average purchase price of $118,204. After deploying 367 Bitcoin for investments, KindlyMD reported holding 5,389 Bitcoin as of November 12, 2025.
The SEC filing also outlines customary collateral management terms, including requirements for maintaining collateral value and rules for returning excess collateral if bitcoin prices rise or requesting more collateral if prices fall.
Market reaction
KindlyMD trades on Nasdaq under the ticker NAKA. On Tuesday, the stock closed 3.5% higher at $0.47, according to market data.
About the SEC filing
The Form 8-K filed with the SEC specifies that KindlyMD’s new lending arrangement allows Nakamoto Holdings to borrow fiat or digital currencies from Kraken under agreed term sheets. The loan is prepayable, though early repayment within the first six months WOULD trigger a make-whole fee.
The report confirms that the 93 million USDT initial loan issued on December 4 has now been rolled into the full 210 million USDT agreement executed on December 9.
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