Bitcoin treasury firm Nakamoto (NAKA) owes Kraken 165 million USDT on a loan backed only by its bitcoin, more than its entire market value, according to a regulatory filing. The Nakamoto Kraken loan has now been amended to give the company more time to repay.
How Big Is the Nakamoto Kraken Loan?
The loan began in December 2025 at $210 million with 8 per cent annual interest, when Nakamoto held nearly 5,400 BTC. Its shares closed at $5.79 on Thursday, giving a market value of about $104 million, below the amount it owes.
What the Amendment Changes
The amendment was signed on Wednesday and disclosed on Thursday. Of the 165 million USDT, 60 million that was due on December 4, 2026 now matures on December 4, 2027, while 105 million remains due on June 30, 2027. Nothing is due in 2026. Kraken will also count the net value of Nakamoto’s derivatives towards collateral tests, with negative values counted as zero.
Collateral and Bitcoin Price
At the end of September, 3,030 of Nakamoto’s 4,283 BTC were pledged, worth about $253 million at roughly $83,500 per bitcoin. With bitcoin below $69,000, the pledged coins are worth about $208 million, roughly 126 per cent of the debt on one calculation. About 1,253 unpledged BTC, worth around $86 million, could be posted if needed. The firm has also sold 284 BTC in March and about 600 BTC in the second quarter, sending $45 million to Kraken.
Tyler Evans, Nakamoto’s chief investment officer, said: “This amendment extends our runway and makes our collateral position more resilient.”
At a Glance
- Debt: 165 million USDT owed to Kraken, backed only by bitcoin
- Market value about $104 million after shares closed at $5.79
- 60 million USDT extended to December 2027; 105 million due June 30, 2027
- Pledged BTC worth about $208 million at under $69,000 per bitcoin
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