In a significant move for institutional crypto finance, Nasdaq-listed Bitcoin firm KindlyMD has secured a $210 million loan denominated in the USDT stablecoin. The lender is Payward Interactive, the parent company and operator of the Kraken cryptocurrency exchange.
The loan, first reported by The Block, carries an annual interest rate of 8% and is set to mature on December 4, 2026. According to an SEC filing, the one-year fixed-term loan facility is solely secured by Bitcoin collateral worth a minimum of $323.4 million, which is held in custody by Kraken-affiliated Payward Financial under a shared account control agreement.
The primary purpose of the capital is for KindlyMD to repay an existing loan from Antalpha, a partner of Tether, in full. This refinancing move ends KindlyMD's relationship with Antalpha and shifts its borrowing to Kraken. KindlyMD, originally a healthcare firm, merged with its subsidiary Nakamoto Holdings in August 2025 to focus on operating a Bitcoin treasury vehicle. By the end of September, the company had purchased a cumulative 5,765 BTC at an average price of $118,204 per Bitcoin.
This transaction is viewed as a watershed moment, demonstrating the maturation of internal capital markets within the crypto ecosystem. It highlights the use of stablecoins for large-scale corporate treasury management and refinancing, blurring the lines between traditional debt markets and the digital asset world. Following the announcement, KindlyMD's stock (NAKA) closed up 3.5% on the Nasdaq.
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