Bitcoin’s KindlyMD Announces $250M Convertible Debt Offering Backed by Antalpha

• KindlyMD Inc. has said it plans to raise $250 million through a secured convertible debt facility
• The agreement is another significant milestone in KindlyMD’s evolution into a BTC-centric company
• The collaboration will lead the way for novel debt instruments for companies with large Bitcoin reserves

KindlyMD Inc., a publicly traded healthcare and digital asset business, such as Bitcoin, listed on the ticker symbol NAKA, has said it plans to raise $250 million through a secured convertible debt facility. KindlyMD entered into a non-binding letter of intent with Antalpha, a fintech company that is very much connected to the world of BTC.

This is to structure and issue the debt offering. The agreement is another significant milestone in KindlyMD’s evolution into a BTC-centric company, as it came after it merged with Nakamoto Holdings early this year.

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KindlyMD Expands Bitcoin Strategy with Debt Deal

The planned convertible debt facility will be a five-year secured facility. Although the particular interest rate and conversion dynamics have yet to be revealed, the facility is meant to provide long-term capital under more shareholder-friendly terms than conventional convertible debt offerings.

The transaction is still pending definitive agreements and normal closing conditions. Based on corporate reports and public filings, the facility will partly be utilized to retire outstanding debt and support BTC-related programs within the company’s treasury unit.

Recent Capital Activities and Bitcoin Accumulation

KindlyMD has carried out a succession of high-profile funding transactions in the last 12 months to finance its transition into the Bitcoin arena. In August 2025, the company completed a $200 million zero-coupon convertible note with YA II PN Ltd.

In September 2025, the firm announced that it had obtained a $203 million term loan from Two Prime Lending Limited. That facility was collateralized by BTC and financed the redemption of the existing convertible note from Yorkville in full.

In a disclosure filed earlier in October 2025, KindlyMD reported the purchase of 5,743.91 bitcoins at a weighted average price of $118,204.88 per BTC.

That acquisition increased the company’s total holdings to around 5,764.91 BTCs, which makes it one of the top corporate BTC holders in North America. Based on prevailing market prices, the portfolio is worth around $679 million, although precise valuations will vary with the price of the coin.

The collaboration will lead the way for novel debt instruments for companies with large Bitcoin reserves.
Pending finalization, this deal could set a precedent for how digital asset-heavy corporations fund their growth without sacrificing long-term asset holdings or shareholder equity.

Also Read: Bitcoin (BTC) Surges Through $125K Barrier: Will the Coin Soar to $150K This Year?