Nakamoto pushes $165M Kraken loan repayments into 2027

An amended agreement signed Wednesday postpones a $60 million USDT payment from December 4, 2026, to December 4, 2027. The remaining 105 million USDT is due June 30, 2027, according to a November 12 SEC filing. Nakamoto received the financing through subsidiary Nakamoto Holdings; Payward Interactive, which operates Kraken, is the lender.

Nakamoto Chief Investment Officer Tyler Evans said the amendment would extend the company’s runway and make its collateral position more resilient. The loan originally totaled 210 million USDT under an arrangement established in December 2025. Nakamoto reduced it by 45 million USDT in June after selling Bitcoin and derivatives; the transaction generated about $48 million in net proceeds, most of which went to repay debt.

Bitcoin backs most of the loan

At September 30, Nakamoto held 4,283 BTC, including 3,030 pledged to Kraken—nearly 71% of its Bitcoin holdings. Those pledged coins were valued at about $253.2 million when Bitcoin traded near $83,565. At Friday’s reference price of about $68,800, they would be worth roughly $208.5 million, or 126% of the $165 million principal. The company’s other 1,253 BTC would be worth about $86.2 million at that price.

The revised terms allow Kraken to include the net value of Nakamoto’s Bitcoin derivatives when assessing collateral maintenance and liquidation requirements. The lender will assess the positions daily and count a negative combined value as zero. At quarter-end, Nakamoto reported a net derivatives liability of about $6.45 million, so the positions would have added no positive collateral value under the new calculation.

Nakamoto warned that a further Bitcoin decline could reduce liquidity and impair its ability to meet obligations. If collateral falls below the maintenance threshold, the company must repay debt, add Bitcoin collateral or do both; a fall below the liquidation threshold could trigger default and allow Kraken to sell pledged coins. The company reported $19.4 million in cash at September 30 and said operating activities used $36.8 million in the first nine months of 2026, compared with $15.9 million in the same period of 2025.