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Utah-based KindlyMD announced Tuesday that it has entered into a loan agreement with Payward Interactive, the company operating Kraken crypto exchange.

According to an 8-K form filed with the Securities and Exchange Commission, KindlyMD's wholly-owned subsidiary Nakamoto Holdings closed a $210 million USDT-denominated loan facility with Kraken on Dec. 9. This one-year fixed-term loan carries an annual fee of 8.00% and matures on Dec. 4, 2026. 

The disclosure noted that the loan facility is solely secured by bitcoin collateral worth a minimum of $323.4 million. This collateral is held in custody by Kraken-affiliated Payward Financial under a shared account control agreement across the three parties.

"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 6, 2025, with Antalpha Digital," the disclosure said.

KindlyMD and Antalpha formed a strategic partnership in October, where Nakamoto issued five-year $250 million secured convertible notes to the Singapore-based fintech firm. By repaying the Antalpha loan in full, KindlyMD is ending its relationship with Antalpha and shifting its borrowing to Kraken.

KindlyMD, originally a healthcare firm, completed its merger with Nakamoto Holdings in August this year to focus on operating a bitcoin treasury vehicle.

By the end of September, the company purchased a cumulative amount of 5,765 BTC at an average price of $118,204 per bitcoin. After utilizing 367 BTC for investments, the company held 5,389 BTC as of Nov. 12, 2025.

KindlyMD (NAKA) closed up 3.5% on the Nasdaq on Tuesday at $0.47, according to Google Finance data.