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

“The Company volition usage the proceeds from the Kraken Loan to fulfill its obligations successful afloat nether the outstanding word indebtedness installation extended nether the Master Loan Agreement, dated October 6, 2025, with Antalpha Digital Pte. Ltd.,” the filing reads.

Kindly MD had antecedently drawn the Antalpha indebtedness to wage disconnected different bitcoin-backed indebtedness from Two Prime.

The institution executed the word expanse for the fixed-term indebtedness connected Tuesday. Kindly MD collateralized the indebtedness with a information of its bitcoin holdings, agreeing to pledge nary little than $323.4 cardinal worthy of bitcoin to unafraid the debt.

The indebtedness bears an yearly interest of 8.00% and matures connected December 4, 2026. Kindly MD has the enactment to wage the indebtedness early, but if it does truthful wrong the archetypal six months, it volition person to compensate Kraken with a make-whole payment.

The full indebtedness magnitude of $210 cardinal supersedes a anterior statement made earlier successful December. Kindly MD and Kraken antecedently executed an archetypal word expanse connected December 4, 2025, for $93 million, but they rolled this archetypal equilibrium into the caller aggregate main of $210 million.

NAKA presently trades astatine 0.843x aggregate connected nett plus worth (mNAV).