Nakamoto owes Kraken 165 million USDT, more than the roughly $104 million the stock market assigns the company. An amendment moved its remaining payments into 2027, but the bitcoin pledged against the loan has lost value.
Nakamoto (NAKA) owes Kraken 165 million USDT, a figure above its stock market value. The company's shares closed Thursday at $5.79, valuing it at about $104 million. The loan is backed only by its bitcoin.
Kraken pushes payments into 2027
An amendment signed Wednesday moved a 60 million USDT payment from Dec. 4 to Dec. 4, 2027. The other 105 million USDT is still due June 30, 2027, so Nakamoto has nothing left to repay this year.
Kraken also agreed to count the net value of Nakamoto's bitcoin derivatives positions toward the loan's collateral requirements. According to Tyler Evans, Nakamoto's chief investment officer, the amendment "extends our runway and makes our collateral position more resilient".
How thin the cushion is
Nakamoto's quarterly report shows 3,030 of its 4,283 bitcoin were pledged to Kraken at the end of September, when bitcoin was near $83,500. With bitcoin under $69,000, those coins are worth roughly $208 million, about 126% of the debt, according to CoinDesk calculations.
If that value falls below a set maintenance level, Nakamoto has to repay part of the loan, pledge more bitcoin or both. It has about 1,253 unpledged bitcoin left to post, worth roughly $86 million.
The Defiant adds that the extension does not remove Kraken's right to demand more collateral or liquidate if contractual thresholds are breached. Kraken values the net derivatives position daily, and a negative value counts as zero.
The options book was worth minus $6 million at quarter-end, which would have counted for nothing under the new terms. Its protective puts on 2,000 bitcoin at $55,000 expire Dec. 25, before the debt comes due.
Sources: CoinDesk, The Defiant
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