Nakamoto Extends $60M Kraken Debt Repayment By One Year

TL;DR

• Nakamoto extended the maturity of 60 million USDT owed to Kraken from December 4, 2026 to December 4, 2027, while another 105 million USDT remains due in June.
• Kraken will now count positive value from Nakamoto’s derivatives positions toward collateral tests, potentially helping protective Bitcoin options absorb declines before collateral is required.
• The 165 million USDT principal remains outstanding, leaving Nakamoto’s repayment obligations concentrated in 2027 despite the added runway.

Nakamoto Inc. has extended part of its Kraken debt by one year, moving the maturity of 60 million USDT from December 4, 2026 to December 4, 2027. The company’s November 11 SEC filing confirms that another 105 million USDT remains due on June 30, 2027, leaving the full 165 million USDT principal scheduled for repayment next year. The amendment gives the Bitcoin treasury company additional time to manage a debt load that currently exceeds its roughly $104 million market value.

Kraken Expands How Nakamoto Can Use Derivatives as Collateral

The agreement also changes how Kraken calculates collateral supporting the loan. Under the amendment, the net value of Nakamoto’s derivatives positions can count toward collateral tests, provided that value is positive. Kraken will calculate those positions daily, while negative values are treated as zero. The amendment also allows Nakamoto to meet collateral calls by terminating derivatives positions, with proceeds sent directly to a collateral account. Kraken can require positions to be closed following a default or liquidation trigger. The change allows protective positions, including Bitcoin put options, to offset declines in collateral value before Nakamoto must post additional assets or repay part of the loan. The structure expands the company’s existing Bitcoin derivatives strategy as it manages balance-sheet risk.

Nakamoto had pledged 3,030 of its 4,283 BTC to Kraken at the end of September, representing about 70% of its Bitcoin holdings. Those coins were valued near $253 million at the time, when Bitcoin traded around $83,500. With BTC later below $69,000, the pledged position was worth roughly $208 million, while approximately 1,253 BTC remained unpledged. That cushion can shrink quickly when Bitcoin falls, increasing the importance of collateral management for leveraged Bitcoin treasury companies.

The loan originally began at $210 million with an 8% annual interest rate. Nakamoto subsequently sold 284 BTC in March to support operations and around 600 more during the second quarter, returning $45 million to Kraken. At quarter-end, its derivatives book was valued at minus $6 million, which would count as zero under the revised collateral calculation. The latest amendment does not reduce the 165 million USDT principal outstanding, but it removes the December 2026 maturity and modifies collateral mechanics. Nakamoto therefore gains more runway without eliminating its leverage for now, extending a broader debt restructuring effort while leaving its remaining repayment obligations concentrated in 2027.