Antalpha advances interim loan ahead of $250 million convertible note for Nakamoto

KindlyMD (NAKA) has entered a strategic partnership with Antalpha to develop bespoke financing solutions for its Bitcoin treasury vehicle, Nakamoto Holdings, and has signed a non-binding letter of intent for a $250 million five-year secured convertible note facility.

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Under the arrangement, Antalpha will extend an interim Bitcoin-backed loan to KindlyMD and, upon closing, acquire the convertible notes. The proceeds will fund expansion of Nakamoto’s Bitcoin reserves, refinance a prior $203 million credit from Two Prime Lending, and support general corporate purposes with reduced dilution compared to traditional convertibles.

David Bailey, KindlyMD’s Chairman and CEO, highlighted the alignment between the firms, calling the partnership “the power of Bitcoin companies backing Bitcoin companies” and framing this as the first in a series of initiatives to deliver tailored financing structures for public companies holding Bitcoin as a treasury asset.

Read More: Nakamoto (NAKA) stock price drops below BTC value as PIPE equity unlocks

At time of publication, NAKA is down 1.5% from yesterday’s close.