Nakamoto, the Bitcoin-native holding company founded by David Bailey, moved the maturity of $60 million of its Kraken loan to December 4, 2027. It still owes $165 million in USDT, and it will now count the net value of its Bitcoin derivatives positions as collateral.
Nakamoto has bought another year before part of its Kraken debt comes due. The firm still owes $165 million in USDT, which is more than the market values the company.
Kraken loan payments move into 2027
The firm said its subsidiary, Nakamoto Holdings, amended its agreement with Kraken to move the maturity date on $60 million from December 4, 2026, to December 4, 2027. The remaining $105 million is due on June 30, 2027, so none of the loan principal is scheduled to mature this year.
Nakamoto will include the net value of its Bitcoin derivatives positions held in its pledged Kraken trading account as collateral, although the amendment sets limits.
Chief Investment Officer Tyler Evans said: "This amendment extends our runway and makes our collateral position more resilient." He also thanked Kraken for being a supportive financing partner.
Bitcoin sales cut the debt earlier
Nakamoto initially took out $210 million in December 2025, before trimming its debt by $45 million in June. It raised roughly $48 million by selling Bitcoin and derivatives, and used most of that cash to reduce what it owed.
By the end of September, the Bitcoin treasury firm had pledged 3,030 of its 4,283 BTC to Kraken as collateral, according to its latest quarterly report. Those coins were worth around $253 million at the time, when Bitcoin was trading near $83,500.
At the current price of $69,334, the pledged coins are worth roughly $210 million. That is still about 127% of the $165 million Nakamoto owes Kraken.
Source: CryptoPotato
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