KindlyMD gets $210M USDT loan from Kraken secured by Bitcoin

Utah-based KindlyMD’s subsidiary, Nakamoto Holdings, closed a $210 million USDT-denominated loan with Kraken on Dec. 9 to retire its outstanding term loan with Singapore-based Antalpha Digital, an SEC filing shows.

The facility with Kraken operator Payward Interactive carries an 8% annual fee and is scheduled to mature on Dec. 4, 2026. It is secured solely by Bitcoin valued at a minimum of $323.4 million, held in custody by Kraken affiliate Payward Financial under a three-party account control agreement.

The filing states: “The Company will use the proceeds from the Kraken Loan to satisfy its obligations in full under the outstanding term loan facility extended under the Master Loan Agreement, dated October 2025, with Antalpha Digital.”

In October, KindlyMD and Antalpha entered a strategic partnership under which Nakamoto issued five-year, $250 million secured convertible notes to the Singapore-based firm.

KindlyMD, originally a healthcare company, completed its merger with Nakamoto Holdings in August to focus on operating a Bitcoin treasury vehicle. By Sept. 30, it had acquired 5,765 BTC at an average purchase price of $118,204 per BTC. After deploying 367 BTC for investments, it held 5,389 BTC as of Nov. 12, 2025.

As we covered previously, Kraken agreed to acquire Swiss firm Backed Finance to expand its tokenized real‑world assets business. The deal gives Kraken full control of the RWA technology and licenses, supporting its xStocks tokenized equities service and planned expansion into the EU and other flexible jurisdictions. The price was undisclosed and followed a funding round valuing Kraken near $20 billion. Backed will remain in Switzerland, with its team joining Kraken’s RWA unit as the exchange prepares for a potential IPO.