Nakamoto Holdings (NAKA) refinances debt with $210M bitcoin-backed loan

Core Viewpoint - Kindly MD secured a $210 million bitcoin-backed loan from Kraken to pay off an existing loan with Antalpha, indicating a strategic move to manage its debt obligations effectively [1][2][3]. Group 1: Loan Details - The proceeds from the Kraken loan will be used to fully satisfy the obligations under the term loan facility with Antalpha Digital Pte. Ltd., dated October 6, 2025 [1]. - Kindly MD collateralized the loan with a portion of its bitcoin holdings, pledging no less than $323.4 million worth of bitcoin to secure the debt [2]. - The loan has an annual fee of 8.00% and matures on December 4, 2026, with an option for early repayment subject to a make-whole payment if repaid within the first six months [3]. Group 2: Previous Loan Arrangements - Kindly MD had previously drawn the Antalpha loan to pay off another bitcoin-backed loan from Two Prime, indicating a pattern of refinancing existing debts [2]. - The total loan amount of $210 million supersedes a prior arrangement made earlier in December for $93 million, which was rolled into the new aggregate principal [3]. Group 3: Market Position - NAKA currently trades at a multiple of 0.843x on net asset value (mNAV), reflecting its market valuation relative to its assets [4].