KindlyMD (NAKA) closed a $200 million convertible note offering with Nakamoto, planning to use funds to buy more bitcoin. The notes have no interest for two years then a 6% rate until 2028. Yorkville Advisors structured the financing, allowing conversion to equity at $2.80/share with BTC collateral.

NAKA shares dropped 11.2% after the convertible note announcement and bitcoin price decline. Other bitcoin treasury stocks like Strategy (MSTR) and Semler Scientific (SMLR) also saw slight declines. Michael Saylor’s Strategy added $51 million of bitcoin last week.

Read more at Yahoo Finance: KindlyMD Closes $200M Convertible Note Funding for More Bitcoin