Kraken Facilitates Major Crypto-Backed Corporate Financing with $210M USDT Loan to KindlyMD

In a landmark transaction underscoring the maturation of cryptocurrency as a corporate financing tool, Utah-based healthcare company KindlyMD has secured a substantial $210 million loan denominated in USDT (Tether) from the prominent cryptocurrency exchange Kraken. Announced on December 13, 2025, this strategic pivot represents a significant shift for KindlyMD away from traditional digital asset credit channels. The one-year loan facility carries an 8% annual fee and is notably structured as an over-collateralized deal, backed by a bitcoin collateral pool valued at over $323 million. This arrangement, governed by a shared custody agreement, provides Kraken with a significant safety buffer, reflecting prudent risk management in volatile crypto markets. The primary use of the loan proceeds is to retire KindlyMD's prior debt obligations, specifically terminating its existing credit relationship with Antalpha Digital. This move highlights a growing trend where established businesses leverage their bitcoin holdings not as speculative assets but as productive capital to secure stablecoin financing for operational restructuring. For Kraken, this deal positions the exchange not just as a trading venue but as a serious player in the institutional crypto credit space, deploying its capital to facilitate large-scale, real-world economic activity. The transaction validates several bullish theses for digital assets: the utility of Bitcoin as collateral, the efficiency of blockchain-based settlement for large transfers, and the deepening integration of crypto-native financial services into mainstream corporate treasury management. It signals confidence among both borrowers and lenders in the stability and legal enforceability of such crypto-backed loan agreements, potentially paving the way for more corporations to follow suit in leveraging their digital asset portfolios for strategic growth and financial optimization.

KindlyMD Secures $210M USDT Loan from Kraken Backed by Bitcoin Collateral

Utah-based KindlyMD has pivoted its financing strategy toward cryptocurrency, securing a $210 million USDT loan from Kraken. The one-year facility carries an 8% annual fee and is fully collateralized by over $323 million in Bitcoin held under a shared custody agreement. This move terminates the company's existing credit relationship with Antalpha Digital.

The loan proceeds will be used to retire KindlyMD's prior debt obligations. Following its merger with Nakamoto Holdings, the firm now operates as a dedicated bitcoin treasury, currently custoding more than 5,300 BTC. The transaction underscores growing institutional acceptance of bitcoin as collateral for traditional financing structures.

BackedFi and Chainlink Launch xBridge for Cross-Chain Tokenized Stocks

Backed Finance and chainlink have unveiled xBridge, a cross-chain solution enabling the transfer of tokenized stocks between Ethereum and Solana. The bridge leverages Chainlink's Cross-Chain Interoperability Protocol (CCIP) to maintain parity between tokenized assets and their real-world counterparts, ensuring accurate tracking of corporate actions like dividends and stock splits.

Currently in pilot mode, xBridge is integrated with Kraken and plans to expand support to Mantle and TRON. This development marks a significant step in institutional adoption of blockchain technology, bridging traditional finance with decentralized ecosystems.

The announcement was made at solana Breakpoint, highlighting the growing synergy between major blockchain platforms. Tokenized equities can now move securely across chains without losing connection to underlying assets, potentially unlocking new liquidity pools and trading opportunities.