KindlyMD Plans $250M Convertible Note With Antalpha to Potentially Boost Its Bitcoin Treasury of 5,765 BTC

KindlyMD plans to expand its Bitcoin treasury via a five-year, $250 million secured convertible note between Nakamoto Holdings and Antalpha, aimed at long-term financing and to replace a prior $203 million Bitcoin‑secured credit; the move supports continued BTC accumulation by the merged Nakamoto entity. Five-year $250M secured convertible note between Nakamoto Holdings (KindlyMD) and Antalpha Proceeds intended to replace a prior $203M Bitcoin‑secured credit and to finance long-term Bitcoin accumulation. KindlyMD holds ~5,765 BTC (~$726M) in its treasury; stock has recently fallen over 77% month-over-month. KindlyMD Bitcoin treasury grows with $250M Antalpha convertible note; 5-year secured financing to expand BTC holdings and replace prior credit. Read the COINOTAG report now. What is the KindlyMD convertible note deal? KindlyMD convertible note is a five‑year, $250 million secured convertible note agreement between KindlyMD’s Nakamoto Holdings treasury unit and Antalpha. The instrument is designed for long‑term financing, lower shareholder dilution than standard converts, and to support continued Bitcoin treasury accumulation. How will the funding affect KindlyMD’s Bitcoin treasury? The new financing is structured to strengthen the company’s ability to hold and acquire Bitcoin by providing secured capital tied to its treasury strategy. KindlyMD currently reports roughly 5,765 BTC—about $726 million in market value—making it one of the largest corporate Bitcoin treasuries (source: bitcointreasuries.net, plain text). The company said proceeds will be used to replace an existing $203 million Bitcoin‑secured credit facility and to support general corporate purposes. Management emphasized that the structure aims to reduce dilution risk for shareholders compared with traditional convertible debt. Why are Bitcoin treasury companies using convertible notes? Convertible notes can offer flexible, rate‑adjusted capital while preserving equity for existing shareholders. For Bitcoin treasury companies, secured convertible debt tied to treasury assets can provide liquidity, replace higher‑cost facilities, and align financing incentives with long‑term BTC accumulation. Deal comparison: Prior facility vs New convertible note Feature Prior Facility New Convertible Note Amount $203,000,000 (Bitcoin‑secured credit) $250,000,000 (secured convertible note) Tenor Existing facility (ongoing) 5 years Primary use Working capital / credit support Long‑term financing, replace prior credit, treasury accumulation Salt Lake City‑based KindlyMD pivoted to a Bitcoin accumulation strategy following its merger with Nakamoto Holdings earlier this year. CEO David Bailey described the partnership with Antalpha as “the power of Bitcoin companies backing Bitcoin companies,” stating it lays groundwork for structures tailored to Bitcoin treasury firms. The company recently reported share price volatility, with a decline of more than 77% over the past month (as of the last market close), and noted an S-3 registration and a $200 million private placement that offered shares at a discount. These filings and market moves were referenced in company communications to shareholders. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "How much Bitcoin does KindlyMD hold?", "acceptedAnswer": { "@type": "Answer", "text": "KindlyMD reports holding about 5,765 BTC in its treasury, valued at approximately $726 million based on recent market prices (source: bitcointreasuries.net, plain text)." } }, { "@type": "Question", "name": "What will the $250 million convertible note be used for?", "acceptedAnswer": { "@type": "Answer", "text": "The convertible note aims to fund long‑term financing, replace a prior $203 million Bitcoin‑secured credit facility, and support general corporate purposes while minimizing shareholder dilution." } } ]} Frequently Asked Questions How does the convertible note limit shareholder dilution? KindlyMD describes the note as structured to offer conversion terms and secured status that reduce immediate equity issuance, preserving shareholder value relative to standard convertible debt. Exact conversion mechanics will depend on final agreement terms disclosed in company filings. Is this financing a vote of confidence for Bitcoin as a reserve asset? Yes. The deal signals continued institutional adoption of Bitcoin as a treasury reserve, with companies favoring instruments that enable accumulation while addressing liquidity and capital structure needs. Industry commentary from market data providers supports this trend (sources: Yahoo Finance, Bloomberg, plain text). Key Takeaways Strategic financing : KindlyMD secured a five‑year $250M convertible note with Antalpha to back its Bitcoin treasury strategy. Treasury scale : The company holds ~5,765 BTC (~$726M), making it a major corporate Bitcoin holder. Risk management : The note intends to reduce shareholder dilution and replace a $203M secured credit facility. Conclusion The KindlyMD convertible note marks a notable example of tailored financing for Bitcoin treasury companies, combining secured capital with conversion features to support BTC accumulation while limiting dilution. Monitor company filings and market data for conversion terms and impact on the treasury strategy. For ongoing coverage, follow COINOTAG updates. { "@context": "https://schema.org", "@type": "HowTo", "name": "How to evaluate a Bitcoin-backed convertible note", "description": "Step-by-step checklist to assess a convertible note used by a Bitcoin treasury company.", "step": [ { "@type": "HowToStep", "name": "Review collateral terms", "text": "Confirm what Bitcoin or assets secure the note and how asset volatility is managed." }, { "@type": "HowToStep", "name": "Assess conversion mechanics", "text": "Analyze conversion price, triggers, and dilution scenarios in company filings." }, { "@type": "HowToStep", "name": "Compare facility costs", "text": "Compare interest, fees, and covenant packages against prior facilities." }, { "@type": "HowToStep", "name": "Consider treasury strategy fit", "text": "Ensure the financing aligns with long-term BTC accumulation and corporate goals." } ]} { "@context": "https://schema.org", "@type": "NewsArticle", "headline": "KindlyMD Secures $250M Convertible Note with Antalpha to Expand Bitcoin Treasury", "description": "KindlyMD plans a five-year, $250M secured convertible note with Antalpha to support long-term Bitcoin accumulation and replace a $203M credit facility.", "author": { "@type": "Organization", "name": "COINOTAG" }, "publisher": { "@type": "Organization", "name": "COINOTAG", "logo": { "@type": "ImageObject", "url": "" } }, "datePublished": "2025-10-07T08:00:00Z", "dateModified": "2025-10-07T08:00:00Z", "mainEntityOfPage": { "@type": "WebPage", "@id": "" }, "articleBody": "KindlyMD announced a five-year, $250 million secured convertible note between its Nakamoto Holdings treasury unit and Antalpha to bolster long-term Bitcoin financing and replace a prior $203 million credit facility. The company holds approximately 5,765 BTC (~$726M) and intends the structure to reduce shareholder dilution relative to standard convertible debt."}