KindlyMD, Inc. (NASDAQ: NAKA), a provider of integrated healthcare services and a Bitcoin treasury vehicle through its subsidiary Nakamoto Holdings, is partnering with Antalpha (NASDAQ: ANTA).
Antalpha is a fintech firm specializing in financing, technology, and risk management solutions for the digital asset industry.
A key component of the partnership is a non-binding letter of intent under which Nakamoto plans to issue $250 million in five-year secured convertible notes to Antalpha.
The convertible notes are intended to provide long-term financing with lower dilution risk for stockholders compared to standard convertible debt.
The proceeds will also be used to expand Bitcoin holdings in the Nakamoto Bitcoin Treasury, fund general corporate purposes, and replace a prior $203 million Bitcoin-backed credit facility from Two Prime Lending Limited, which will remain available for future use.
Pending the completion of the convertible debt facility, Antalpha will provide an interim Bitcoin-backed loan to support KindlyMD’s treasury operations.
Bitcoin treasury adoption
The collaboration is designed to develop innovative financing structures for companies holding Bitcoin as a treasury asset and to support broader adoption of Bitcoin by public companies.
Antalpha, which has established a leadership position in Bitcoin mining supply chain financial services, is extending its expertise beyond mining to serve organizations managing Bitcoin as a reserve asset.
Company leadership emphasized the strategic importance of partnerships aligned with their long-term vision. David Bailey, Chairman and CEO, described the collaboration as “the power of Bitcoin companies backing Bitcoin companies,” highlighting the intention to not only meet current financing needs but also create a framework for future initiatives benefiting both the company and the wider Bitcoin ecosystem.
From Antalpha’s perspective, the partnership reflects a shared vision for the role of Bitcoin in corporate treasury strategies.
Dr. Derar Islim, COO and CEO of Antalpha Americas & EMEA, said the company is focused on bridging the gap between traditional financial structures and the realities of managing Bitcoin reserves, with this agreement representing the first step in ongoing collaboration to develop solutions for treasury companies at scale.
The announcement follows a September 15 shareholder letter from Bailey, which emphasized aligning shareholders and financial partners to support KindlyMD’s long-term investment strategy.
Since then, the company has shifted away from prior financing arrangements that were not fully consistent with this strategy, focusing instead on partners that share its commitment to long-term growth and Bitcoin adoption.
Disclosure: Nakamoto is in partnership with Bitcoin Magazine’s parent company BTC Inc to build the first global network of Bitcoin treasury companies, where BTC Inc provides certain marketing services to Nakamoto. More information on this can be found here.
Source: https://bitcoinmagazine.com/news/kindlymd-forms-strategic-partnership-with-antalpha-plans-250-million-convertible-debt-facility-to-strengthen-bitcoin-treasury-strategy
