KindlyMD (NAKA) announced a partnership with Antalpha to create a $250 million secured convertible debt facility.
Through its subsidiary Nakomoto Holdings, KindlyMD will leverage Antalpha's expertise in digital asset financing to create new treasury tool for bitcoin focused-companies, according to the announcement.
The non-binding agreement outlines a five-year convertible note issuance to Antalpha, with proceeds aimed at refinancing a previous $203 million bitcoin-secured credit line from Two Prime Lending and to increase bitcoin holdings.
Pending financilization,Antalpha will also extend an interim bitcoin-backed loan to KindlyMD.
KindlyMD holds 5,765 BTC, and its shares are trading just above $1, representing a roughly 95% decline from the all-time high reached in May.