KindlyMD, Inc. (NASDAQ: NAKA), which offers integrated healthcare services and functions as a Bitcoin treasury vehicle via its subsidiary Nakamoto Holdings, is entering into a partnership with Antalpha (NASDAQ: ANTA).
Antalpha is a fintech company that focuses on financing, technology, and risk management solutions tailored for the digital asset sector.
Central to this partnership is a non-binding letter of intent stating that Nakamoto intends to issue $250 million in five-year secured convertible notes to Antalpha.
The aim of the convertible notes is to secure long-term financing while reducing dilution risk for shareholders in comparison to traditional convertible debt.
Funds raised will also be allocated to increase Bitcoin holdings within the Nakamoto Bitcoin Treasury, cover general corporate expenses, and replace an earlier $203 million Bitcoin-backed credit facility from Two Prime Lending Limited, which will still be accessible for future needs.
Until the completion of the convertible debt facility, Antalpha will issue a temporary Bitcoin-backed loan to assist KindlyMD’s treasury operations.
Bitcoin treasury adoption
This collaboration aims to create innovative financing structures for firms that hold Bitcoin as a treasury asset and to encourage wider Bitcoin adoption among public enterprises.
Antalpha, recognized as a leader in financial services related to the Bitcoin mining supply chain, is broadening its expertise to assist organizations managing Bitcoin as a reserve asset.
Leadership within the company has stressed the strategic value of partnerships in line with their long-term vision. David Bailey, Chairman and CEO, characterized this collaboration as “the strength of Bitcoin entities supporting one another,” illustrating the goal of addressing current financing requirements while establishing a framework for forthcoming initiatives beneficial to both the company and the broader Bitcoin ecosystem.
From Antalpha’s view, this partnership signifies a shared belief in the importance of Bitcoin in corporate treasury strategies.
Dr. Derar Islim, COO and CEO of Antalpha Americas & EMEA, noted that the company is dedicated to bridging the divide between traditional finance and the realities of managing Bitcoin reserves, with this agreement marking the initial phase of a continued effort to create scalable solutions for treasury organizations.
The announcement follows a September 15 shareholder communication from Bailey, which highlighted the need to align shareholders and financial allies to bolster KindlyMD’s long-term investment approach.
Since that time, the company has pivoted from previous financing strategies that did not fully align with this vision, concentrating on partnerships that embrace its commitment to long-term growth and Bitcoin adoption.
Disclosure: Nakamoto partners with Bitcoin Magazine’s parent organization, BTC Inc, to establish the first global network of Bitcoin treasury firms, as BTC Inc provides certain marketing support to Nakamoto. Additional details can be found here.
