KindlyMD (NAKA) has announced a strategic partnership with Antalpha to establish a $250 million secured convertible debt facility, aiming to expand its bitcoin treasury and strengthen long-term balance sheet flexibility.

Through its subsidiary, Nakomoto Holdings, KindlyMD will leverage Antalpha’s expertise in digital asset financing to develop new treasury solutions for bitcoin-focused companies.

The non-binding agreement outlines a five-year convertible note issuance to Antalpha, with proceeds intended to refinance a previous $203 million bitcoin-secured credit line from Two Prime Lending and to increase KindlyMD’s bitcoin holdings. Pending finalization, Antalpha will also provide an interim bitcoin-backed loan to KindlyMD.

Currently, KindlyMD holds 5,765 BTC. Its shares are trading just above $1, reflecting roughly a 95% decline from the all-time high reached in May.