Bitcoin Treasury Nakamoto Holdings Nets $210 Million USDT-Denominated Loan From Kraken, Collateralized by $323.4 Million in Bitcoin
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Longs pay
According to an 8-K filed with the U.S. Securities and Exchange Commission, Nakamoto Holdings—the Bitcoin treasury operator under KindlyMD—arranged a $210 million USDT-denominated facility with Kraken, closed on December 9. The loan bears a fixed 8.00% annual rate and matures on December 4, 2026. Collateral consists of at least $323.4 million in Bitcoin held in custody by Kraken’s affiliate, Payward Financial, with all parties executing a shared account control agreement.
Proceeds will be used to fully repay outstanding term loan obligations under the primary agreement with Antalpha Digital, dated October 6, 2025, reflecting a disciplined approach to debt management within Nakamoto Holdings’ capital structure.
Since August, Nakamoto Holdings has launched its Bitcoin treasury operation, with David Bailey, co-founder of BTC Inc., serving as CEO. Anchorage Digital will provide Bitcoin custody and trading services, leveraging its status as a federally chartered digital asset bank in the U.S.