KindlyMD (NASDAQ: NAKA) has completed a $200 million convertible notes issuance aimed at expanding its Bitcoin holdings. The notes will carry no interest for the first two years, followed by a 6% annual rate until their maturity in 2028.
The financing deal was executed with Yorkville Advisors (YA II PN fund), which retains the option to convert debt into equity at $2.80 per share — a move that could potentially dilute existing shareholders.
Additionally, KindlyMD secured the issuance with Bitcoin collateral equal to twice the nominal value of the notes, offering enhanced investor protection. Following the announcement, and amid a Bitcoin price decline, NAKA shares dropped 11.2% on Monday, while other public Bitcoin-treasury firms also recorded losses, though less severe.
Source: DeCrypto.news