Nakamoto Extends $60M Kraken Loan Tranche to December 2027
Nakamoto amended its Kraken credit facility, moving a 60 million USDT tranche to Dec. 4, 2027. The full $165 million still comes due in 2027, and the debt now exceeds the company's roughly $104 million market value.
Update: November 13, 22:16 UTC
Nakamoto has sold another 184 BTC, reducing its bitcoin holdings to 4,283 BTC, according to U.Today.
The report does not give a price or proceeds for the sale. A desk note flagged a figure of about $160M that appears to be separate and could not be tied to this transaction. The 4,283 BTC total matches the end-of-September holding in Nakamoto's quarterly report, so the timing of the sale relative to that figure remains unclear.
Original report: November 13, 08:47 UTC
Nakamoto (NAKA) pushed a 60 million USDT tranche of its Kraken credit facility from Dec. 4, 2026 to Dec. 4, 2027. The Nasdaq-listed bitcoin treasury company amended the agreement with Kraken, formally Payward Interactive, Inc., on November 12, 2026. The remaining 105 million USDT is still due June 30, 2027. No principal falls due this year.
The facility stands at $165 million in USDT. It started at $210 million.
What changed in the terms
Kraken will now count the net value of Nakamoto's bitcoin derivatives positions, including put options, toward collateral requirements. The amendment, disclosed in an 8-K filing, gives Nakamoto credit for its hedges. The catch: the protective puts expire before the debt comes due, and collateral requirements still allow earlier liquidation.
"This amendment extends our runway and makes our collateral position more resilient,"
Tyler Evans, Nakamoto chief investment officer
Nakamoto also authorized a $25 million share buyback following the restructuring.
The collateral math
Nakamoto's quarterly report shows 3,030 of its 4,283 bitcoin, about 70% of holdings, were pledged to Kraken at the end of September. With bitcoin near $83,500, that stack was worth about $253 million. With bitcoin under $69,000 on Friday, the same coins are worth roughly $208 million, about 126% of the debt. The pledged coins were bought at roughly $118,000 each.
The equity cushion is thinner. The 165 million USDT debt exceeds Nakamoto's market value of roughly $104 million. Shares closed Thursday at $5.79.
Holdings figures do not line up. The quarterly report cites 4,283 BTC at end of September, while separate reporting puts the company at approximately 4,467 BTC after a June sale. Neither figure has been reconciled.
Runway, not relief
The extension buys time. It does not cut what Nakamoto owes. The full $165 million remains, and both tranches now land in 2027, with $105 million first. A further drop in bitcoin could force additional collateral or repayments. The buyback competes with the need to hold liquidity for those payments.
Nakamoto was formed through a reverse merger in May 2025. In June 2026 it sold about 600 BTC with related derivatives for around $48 million and repaid $45 million of the Kraken debt, cutting the facility from $210 million to $165 million.
Nakamoto is not the only treasury company working against a bitcoin-backed deadline. Wallets linked to Trump Media sent 4,259 BTC to Crypto.com on Nov. 5, close to the 4,260.73 BTC pledged against convertible notes that holders can put back on Nov. 30. No source has confirmed a sale.
Nakamoto's amendment moves one deadline out a year. Bitcoin's price decides how much that year is worth.
