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3h ago

KindlyMD Plans $250 Million Convertible Note With Antalpha to Expand Bitcoin Treasury

The financing is pitched as less dilutive, with proceeds intended to refinance a prior Two Prime facility after weeks of sharp share declines.

Kindlymd partners with antalpha on $250m bitcoin backed financing deal

Overview

  • Through subsidiary Nakamoto Holdings, the company outlined a five-year secured convertible note aimed at long-term bitcoin accumulation and general corporate purposes.
  • KindlyMD says the structure is designed to reduce dilution risk compared with standard convertible debt.
  • Proceeds are earmarked to replace a $203 million bitcoin-backed credit line from Two Prime Lending, which the company says will remain available.
  • CoinDesk reports the agreement is currently non-binding, and Antalpha is set to extend an interim bitcoin-backed loan prior to finalization.
  • KindlyMD holds 5,765 BTC and has faced intense stock volatility, including a drop of more than 77% over the past month alongside SEC disclosures of an S-3 shelf and a $200 million discounted private placement.