Nakamoto, the Nasdaq-listed bitcoin treasury firm, extended part of its Kraken loan, crypto.news reported on November 13, citing an SEC filing dated November 12. The amendment, signed Wednesday, moves the maturity of $60 million from December 4, 2026 to December 4, 2027. The remaining $105 million is due June 30, 2027, and the company has no scheduled principal payments under the facility for the rest of 2026.
The loan, from Kraken operator Payward Interactive, was set up in December 2025 at 210 million USDT and cut by 45 million USDT in June after Nakamoto sold bitcoin and derivatives. About 165 million USDT remains.
Crypto.news said shares closed Thursday at $5.79, for a market cap of about $104 million, below the $165 million owed. At September 30, Nakamoto held 4,283 BTC and had pledged 3,030 BTC to Kraken, valued at about $253.2 million then. At a bitcoin price near $68,800, the outlet calculated the pledged coins at about $208.5 million, roughly 126% of principal.
Crypto.news reported that further price declines could require Nakamoto to repay debt or post more collateral, and that falling below the liquidation threshold would be an event of default allowing Kraken to sell the pledged bitcoin. Under the amendment, Kraken can count the net value of Nakamoto’s bitcoin derivatives toward collateral, with negative values counted as zero. Nakamoto reported cash of $19.4 million at September 30.
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