KindlyMD Nabs $210M Kraken Loan, Repays Antalpha, Stock Jumps

KindlyMD secured a $210M USDT loan from Kraken, using bitcoin as collateral to repay a previous Antalpha loan. The move supports its bitcoin treasury strategy and boosted its stock by 3.49%.

KindlyMD has secured a $210 million USDT loan from Kraken, with the proceeds used to repay a previous loan from Antalpha Digital. The loan, finalized on December 9 through KindlyMD's subsidiary Nakamoto Holdings, is a one-year fixed-term facility with an 8% annual fee and matures on December 4, 2026. The loan is fully collateralized by bitcoin valued at $323.4 million, held by Kraken-affiliated Payward Financial under a shared account control agreement. This marks a shift in KindlyMD's borrowing strategy from Antalpha to Kraken and is part of the company's transformation from a healthcare firm to a bitcoin treasury operator. By the end of September, KindlyMD had acquired 5,765 BTC at an average price of $118,204, and after further investments, held 5,389 BTC as of mid-November. The loan is expected to support further bitcoin acquisitions, though analysts note that increased leverage could heighten financial risks. Following the announcement, KindlyMD's stock rose by 3.49%.