Raises

KindlyMD (NAKA), the Nasdaq-listed firm that’s recently merged with bitcoin

treasury firm Nakamoto closed a $200 million convertible note offering late Friday.

The convertible notes bear no interest in the first two year, then they carry a 6% annual rate starting in year three until maturity in 2028. The firm intends to use the funds to buy additional bitcoin.

The financing, arranged with Yorkville Advisors’ YA II PN fund, was structured with some unusual terms, CoinDesk senior analyst James Van Straten noted.

Yorkville can convert the debt into equity at an initial price of $2.80 per share, raising concerns of dilution if the lender opts to convert into stock. Nakamoto/KindlyMD also needs to put up twice the size of the principal in BTC as collateral, offering the lender a robust downside protection.

NAKA shares were lower by 11.2% on Monday alongside news of the convertible capital raise and a weekend decline in the price of bitcoin. Other bitcoin treasury strategies were in the red as well, but the declines were more muted. Strategy (MSTR) and Semler Scientific (SMLR), for instance, were each down a bit more than 1%.

Read more: Michael Saylor’s Strategy Added $51M of Bitcoin Last Week

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Studio Atelico has raised $5 million in a seed investment round, which will be used to support the team’s mission “to redefine the role of generative AI in games.”

The funding round was led by Nathan Benaich of Air Street Capital, which announced the investment via its publication, Air Street Press, on August 14, 2025. Other investors include Stanford computer scientist Chris Ré, Hugging Face co-founder and CSO Thomas Wolf, and Snorkel AI co-founder and CEO Alex Ratner.

Founded in 2024 by AI and gaming industry veterans from Uber, Meta, and Creative Assembly, Studio Atelico is building an on-device AI engine for video games, which the company describes in its own press release as “a toolkit that helps us and other studios bring AI-powered experiences to life without massive budgets or custom infrastructure.”

In addition to building this engine, Studio Atelico is using the funding to “build games that push past the boundaries of hand-authored pipelines.”

“We don’t mean ‘generate a few trees procedurally,’” the company explained in its release. “We mean reactive worlds, characters that riff off your choices like improv actors, stories that don’t just branch but bloom. This is the kind of gameplay we’ve always wanted as players, and now we finally have the tech (and the team) to make it real.”

Studio Atelico’s first game is already in development, with more to be shared “soon.” While the company itself hasn’t said much about what this game will be, Air Street Press said the studio’s first releases “will target high-growth mobile and cross-platform markets.”

In its release, the company also addressed ethical concerns around generative AI.

“Ethics aren’t an afterthought; they’re part of our foundation,” Studio Atelico said. “We’re working directly with artists to ensure fairness, consent, compensation, and collaboration are part of every step, from model training to revenue sharing.

“We’re choosing on-device AI when we can, partnering with creators who share our values, and contributing to open datasets that prioritize ethics over speed.”

“We believe creativity should be amplified, not replaced,” the company added.

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NAKA Raises $200M, Sinks 11%

Studio Atelico raises $5 million to build AI-first games studio