Bitcoin Treasury KindlyMD to Issue $250M in Convertible Debt With Nasdaq-Listed Antalpha

KindlyMD said Tuesday it plans to boost its Bitcoin holdings through a five-year, $250 million secured convertible note deal between its Nakamoto Holdings treasury unit and Antalpha, as part of a broader partnership between the two Nasdaq-listed firms.

Salt Lake City, Utah-based KindlyMD, a healthcare data company that pivoted to Bitcoin accumulation in May after merging with Nakamoto, said it intends to use the convertible debt for “long-term financing…with less dilution risk to its shareholders compared to standard convertible debt” and for “general corporate purposes.”

“This partnership represents the power of Bitcoin companies backing Bitcoin companies,” KindlyMD Chair and CEO David Bailey said in a statement.



“Together with Antalpha, we are not only addressing today’s financing needs but also laying the foundation for future structures tailored to the unique requirements of Bitcoin treasury companies,” he said. “This is the first step in what we expect will be a long series of initiatives to benefit our portfolio, our shareholders, and the Bitcoin ecosystem at large.”

The announcement follows a challenging period for KindlyMD, with its price dropping more than 77% over the past month (as of the close of markets on Monday) to trade just above $1 per share, its lowest mark since late 2024, according to Yahoo Finance.

Last month, Bailey cautioned that the firm could be headed for volatility and said he would prefer naysayer investors leave immediately, telling them the firm had reached “a point of uncertainty” in a shareholder letter.

The company had submitted an S-3 registration to the U.S. Securities and Exchange Commission a few days prior to Bailey’s comments, noting that a $200 million private placement in a public equity offering, which the company used to raise funds, offered shares to investors at a discount.

Decrypt has reached out to KindlyMD for further comment.

The company intends to use proceeds from the potential financing announced Monday to replace a prior $203 million Bitcoin-secured credit from Two Prime Lending Limited, although this facility will remain available, the company said.

Bitcoin has been gaining significant ground during the U.S. government shutdown, as many investors have viewed it as a safe-haven asset that would protect them against a potential decline in the value of the U.S. dollar.

KindlyMD is the 19th largest Bitcoin treasury, with holdings of 5,765 BTC, according to bitcointreasuries.net, worth approximately $718 million in today’s market. Bitcoin was recently changing hands at about $124,800, down from the record high it set over the weekend but still up more than 9% over the past week.

Separately, Antalpha and Tether are spearheading an effort to raise $200 million for a crypto treasury company based on XAUt, Tether’s token representing ownership of physical gold held in secure vaults, Bloomberg reported last week, citing unnamed sources. Antalpha shares were up nearly 9% over the past month as of the close of trading Monday, according to Yahoo Finance.

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