TLDR
- Nakamoto amended its 165 million USDT Kraken loan agreement on November 11, 2026.
- Kraken extended a 60 million USDT repayment deadline from December 2026 to December 2027.
- The remaining 105 million USDT principal matures on June 30, 2027.
- Eligible Bitcoin derivatives can now count toward specified collateral maintenance requirements.
- Nakamoto pledged 3,030 of its 4,283 Bitcoin as collateral at September’s end.
Nakamoto revised a 165 million USDT loan with Kraken, allowing eligible derivatives to count toward collateral. The Bitcoin firm also postponed a 60 million USDT payment by one year. A November 12 SEC filing disclosed the agreement signed the previous day.
NAKA closed November 12 at $5.79. That price and 18,346,473 shares disclosed November 9 imply $106.2 million in equity value. That remains below the loan’s nominal $165 million principal, although market capitalization differs from asset value.
Bitcoin Hedges Enter Kraken’s Collateral Calculations
Kraken can now count eligible Bitcoin derivatives held through its affiliate Payward Oceanic Ltd. The exchange assesses net positions daily and assigns zero collateral credit when their value turns negative.
That credit applies to margin calls and liquidation thresholds, but not releases of excess collateral. Nakamoto can also close derivatives positions and transfer proceeds directly into a pledged collateral account.
The filing identifies protective Bitcoin put options as one possible offset against declining collateral values. However, the arrangement does not guarantee protection from margin calls or forced liquidation.
$60 Million Repayment Shifts Into 2027
Kraken moved the 60 million USDT maturity from December 4, 2026, to December 4, 2027. Another 105 million USDT remains payable on June 30, 2027. Accordingly, the company faces no scheduled principal maturity on this facility during 2026.
The renegotiation changed timing and collateral treatment, not the outstanding principal. Nakamoto’s September quarterly filing recorded $164.9 million in total debt, reflecting the facility’s accounting value.
The loan charges 7.75% annually when the pledged trading wallet holds at least 2,000 Bitcoin. Otherwise, its stated annual fee rises to 8%.
Pledged Bitcoin and Liquidity Remain Central
As of September 30, Nakamoto held 4,283 BTC, with 3,030 pledged to support the debt. The remaining 1,253 BTC were unencumbered, according to its quarterly report. The company valued its Bitcoin holdings at approximately $357.9 million at that date. It also disclosed $19.4 million in cash and a 41% net leverage-to-digital-assets ratio.
Recent Bitcoin market declines add context, but the company has not disclosed updated pledged holdings. The filing states that falling collateral values can require more Bitcoin, partial loan repayment, or both. Below the liquidation threshold, Kraken may sell pledged coins following a default.
Nakamoto repaid 45 million USDT in June after selling Bitcoin and derivatives. Its latest agreement provides time without eliminating refinancing, collateral, or repayment obligations. Chief Investment Officer Tyler Evans described the changes as improving flexibility during Bitcoin volatility.
