Catenaa, Tuesday, December 16, 2025-KindlyMD entered a one-year $210 million USDT loan agreement with Kraken operator Payward Interactive on December 9, according to a federal filing released last Tuesday.

The deal outlines a fixed annual fee of 8 percent and carries a maturity date of December 4, 2026.

The filing stated that KindlyMD’s subsidiary Nakamoto Holdings closed the facility as part of a shift in its financing structure.

The loan is backed by bitcoin collateral valued at no less than $323.4 million. Payward Financial, an affiliate of Kraken, holds the collateral under a shared control arrangement covering all three parties.

The company said it will use the loan proceeds to settle its obligations under a prior term loan from Antalpha Digital.

That agreement stemmed from an October partnership in which Nakamoto issued $250 million in secured convertible notes to the Singapore firm.

The repayment ends the link between KindlyMD and Antalpha and moves the firm’s borrowing to Kraken.

KindlyMD completed its merger with Nakamoto Holdings in August. The combined business now centers on a bitcoin treasury operation.

By late September, the firm purchased 5,765 BTC at an average price of $118,204. After deploying 367 BTC for various investments, it held 5,389 BTC as of November 12.

Shares of KindlyMD, listed under the ticker NAKA, closed up 3.5 percent at $0.47 on Tuesday, according to market data.