KindlyMD signed a new $210 million loan agreement with Kraken on Dec. 9, according to an 8-K filing with the SEC. The one-year term loan, with an 8% annual fee, is fully secured by bitcoin worth a minimum of $323.4 million.
The company said the money will be used to pay off the entire loan with Antalpha — signed in October — thereby terminating its credit ties with the Singapore fintech and switching to borrowing from Kraken. The bitcoin collateral is deposited at Payward Financial, an affiliate of Kraken, under a tripartite account control agreement.
KindlyMD, originally a medical company, merged with Nakamoto Holdings in August to focus on operating the bitcoin treasury. By mid-November, the company held 5,389 BTC after using some of it for investment. NAKA shares closed up 3.5% at $0.47 on the Nasdaq on Tuesday.
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