TLDR
- KindlyMD to issue $250 million in secured convertible notes to Antalpha.
- The partnership aims to expand Bitcoin holdings in Nakamoto’s treasury.
- Antalpha’s loan will support KindlyMD’s Bitcoin treasury strategy.
- The move replaces a $203 million Bitcoin-backed credit facility.
KindlyMD, a healthcare services provider and Bitcoin treasury manager, has announced a strategic partnership with fintech firm Antalpha. This collaboration includes plans to issue $250 million in convertible debt to support KindlyMD’s Bitcoin treasury strategy. The partnership aims to offer financing solutions for companies managing Bitcoin as a reserve asset, marking a step forward in Bitcoin adoption for public companies.
Partnership Overview
On October 7, 2025, KindlyMD, Inc. (NASDAQ: NAKA), revealed a strategic collaboration with Antalpha (NASDAQ: ANTA), a fintech firm specializing in digital asset financing, technology, and risk management. The two companies will work together to address the financial needs of organizations that manage Bitcoin as a treasury asset.
As part of the agreement, Nakamoto Holdings, a subsidiary of KindlyMD, intends to issue $250 million in secured convertible notes to Antalpha. These notes will provide long-term financing for KindlyMD while minimizing stockholder dilution compared to typical convertible debt.
The funds raised will be used to expand Bitcoin holdings in Nakamoto’s Bitcoin Treasury, support corporate operations, and replace a previous $203 million Bitcoin-secured credit facility from Two Prime Lending Limited.
Financing Strategy and Bitcoin Treasury Expansion
The $250 million in convertible notes is intended to secure long-term financing while supporting the growth of Nakamoto’s Bitcoin Treasury. The move also reflects KindlyMD’s commitment to increasing its Bitcoin reserves as part of its broader strategy to integrate Bitcoin into its corporate framework. Additionally, the financing is expected to enhance the company’s capacity to meet its future financial needs while maintaining a low risk of dilution for shareholders.
The new debt facility will help cover general corporate purposes, and the proceeds will replace the earlier Bitcoin-backed credit facility from Two Prime Lending Limited. This facility will remain available for future use. While the convertible debt facility is being finalized, Antalpha will provide an interim Bitcoin-backed loan to KindlyMD to support its operations.
Bitcoin Treasury Solutions for Public Companies
The strategic partnership aims to develop financing structures tailored to companies holding Bitcoin as part of their treasury reserves. This collaboration reflects a growing trend among public companies to incorporate Bitcoin into their financial strategies. By addressing specific challenges associated with Bitcoin treasury management, the two firms plan to create innovative solutions that support broader Bitcoin adoption within corporate structures.
David Bailey, Chairman and CEO of KindlyMD, expressed the significance of this collaboration, stating, “This partnership represents the power of Bitcoin companies backing Bitcoin companies. Together with Antalpha, we aim to create financial solutions that benefit Nakamoto, our shareholders, and the wider Bitcoin ecosystem.”
Antalpha’s expertise in Bitcoin mining supply chain services will be leveraged to design financing solutions for Bitcoin treasury-focused organizations. The partnership will also help bridge the gap between traditional financing models and the unique needs of companies managing Bitcoin as an asset.
Long-Term Vision for Bitcoin Adoption
Both companies emphasize the strategic importance of this partnership, which is aligned with their long-term investment strategies. Dr. Derar Islim, COO and CEO of Antalpha Americas & EMEA, stated, “We understand the unique requirements of Bitcoin treasury companies and the specialized financing services they need. Together, we are building new structures to accelerate Bitcoin adoption among public companies.”
The partnership comes after a shareholder letter from David Bailey, which outlined the company’s focus on aligning with partners who share its vision for long-term growth and Bitcoin adoption. By transitioning away from prior financing arrangements that were not fully aligned with its strategy, KindlyMD is positioning itself for sustainable growth within the Bitcoin ecosystem.
