KindlyMD enters strategic partnership with Antalpha

KindlyMD (NAKA), through its subsidiary Nakamoto, announced a strategic partnership with Antalpha (ANTA). Antalpha is extending its expertise beyond mining to serve companies managing Bitcoin as a treasury reserve asset. In partnering with Nakamoto, the two firms aim to create financing structures tailored to the needs of treasury-focused organizations and to help accelerate Bitcoin’s adoption among public companies. Additionally, as part of the strategic partnership, Antalpha and Nakamoto have signed a non-binding letter of intent regarding the issuance by Nakamoto of new 5-year $250 million secured convertible notes to Antalpha. The purpose of the convertible notes is intended to provide long-term financing for KindlyMD with less dilution risk to its stockholders compared to standard convertible debt, expand Bitcoin holdings in the Nakamoto Bitcoin Treasury, in addition to general corporate purposes. Proceeds of the financing are also intended to be used to replace a prior $203 million Bitcoin-secured credit from Two Prime Lending Limited, while the Two Prime credit facility will remain available for future use as needed. Pending the completion of the convertible debt facility, Antalpha will provide an interim Bitcoin-backed loan to KindlyMD.