Nakamoto Moves $60M Kraken Loan Due Date to December 2027
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Nakamoto, the Bitcoin treasury company founded by David Bailey, amended its loan agreement with Kraken so that $60 million of principal now falls due on December 4, 2027, instead of December 4, 2026, according to a U.S. Securities and Exchange Commission filing referenced by Cryptopotato. The remaining $105 million matures on June 30, 2027, leaving no principal scheduled for repayment in 2026.
The amended agreement also broadens the collateral pool to include the net value of Bitcoin derivatives Nakamoto holds under its trading arrangement with Payward Oceanic Ltd., another Kraken entity, as reported by PANews and crypto.news. The loan is denominated in USDT and was originally drawn in December 2025 at $210 million.
What changed in the loan terms
Under the revised schedule, Nakamoto has no principal repayments due for the rest of 2026. The company received the financing through subsidiary Nakamoto Holdings, with Payward Interactive, which operates Kraken, acting as lender, crypto.news reported.
The collateral mechanic is the more substantive change. Previously, a decline in Bitcoin prices could force Nakamoto to repay part of the loan or post additional Bitcoin. Under the amendment, Kraken can count the net value of Nakamoto’s Bitcoin derivatives when checking maintenance and liquidation thresholds. Crypto.news said Kraken will value those positions daily.
Nakamoto’s quarter-end derivatives book included put options covering 2,000 BTC with a $55,000 strike expiring December 25, and written calls on 2,150 BTC priced between $80,000 and $110,000, according to crypto.news. The company reported a net derivatives liability of roughly $6.45 million at quarter-end, which would count as zero under the amended calculation.
Why the extension matters for Nakamoto
The company has already sold Bitcoin to reduce borrowings. It trimmed $45 million from the loan in June after raising roughly $48 million from Bitcoin and derivatives sales, cryptopotato reported. Quarterly filings cited by crypto.news show 284 BTC sold in the first quarter of 2026, with a further sale of about 600 BTC helping fund the June repayment.
Nakamoto’s total Bitcoin acquisition cost stood at $506.3 million, or around $118,200 per coin across its September holdings, while fair value at quarter-end was $357.9 million, according to crypto.news. The gap matters because further price declines could reduce available liquidity and affect the company’s ability to meet obligations, the filing warned.
Chief Investment Officer Tyler Evans said in a company statement cited by cryptopotato that the amendment “extends our runway and makes our collateral position more resilient,” giving management flexibility to manage through Bitcoin price volatility while focusing on operating businesses and Bitcoin holdings.
Reported figures differ between outlets
The outlets describe the pledged Bitcoin’s value slightly differently. Cryptopotato reported that at a Bitcoin price of $69,334 the 3,030 pledged coins were worth roughly $210 million, about 127% of the $165 million owed. Crypto.news cited a Friday reference price near $68,800, valuing the same coins at about $208.5 million, or roughly 126% of principal. Cryptopotato also said the pledged coins were worth around $253 million at quarter-end when Bitcoin traded near $83,500; crypto.news put the quarter-end figure at approximately $253.2 million with Bitcoin near $83,565.
Both figures are close but not identical, and neither outlet’s number should be read as a precise mark-to-market.
Why it matters
Nakamoto is one of a group of listed Bitcoin treasury companies whose debt is secured by the asset they hold. Shifting maturity dates and widening the collateral base changes the timing of repayment risk but does not remove it: the fundamental exposure remains Bitcoin’s price against a fixed USDT obligation.
For Kraken, the arrangement adds a derivatives component to a loan whose value is already tied to Bitcoin, a structure that ties lender and borrower more closely to the same market. Kraken’s parent Payward has been expanding its regulated footprint, including a full Dubai crypto license in October 2026, as previously reported.
What to watch
The December 25 expiry of Nakamoto’s $55,000-strike put options is the next concrete date in the derivatives book, per crypto.news. The June 30, 2027 maturity of the $105 million tranche is the first scheduled principal repayment under the amended terms, and any sustained move in Bitcoin below the maintenance threshold could trigger additional collateral or partial repayment obligations.
Market snapshot
At the time of writing, Bitcoin traded at $66,755 (₹6,292,643), down 2.5% over 24 hours and 12.1% over seven days, with a market capitalization of $1.34 trillion and 24-hour volume of $25.38 billion. The figure is from CoinPaprika market data as of 14 November 2026, 04:42 UTC.
Frequently Asked Questions
How much does Nakamoto owe Kraken after the amendment?
Nakamoto owes 165 million USDT in total, split into $105 million maturing June 30, 2027, and $60 million maturing December 4, 2027. No principal is due in 2026.
What collateral change did the amendment introduce?
Kraken may now include the net value of Nakamoto’s Bitcoin derivatives positions held under its Payward Oceanic trading agreement when calculating collateral, assessed daily. Negative net values count as zero.
How much Bitcoin has Nakamoto pledged to Kraken?
As of September 30, Nakamoto had pledged 3,030 of its 4,283 BTC to Kraken, according to its quarterly report cited by cryptopotato and crypto.news.
Why did Nakamoto seek the extension?
Chief Investment Officer Tyler Evans said the amendment extends the company’s runway and makes its collateral position more resilient during Bitcoin price volatility.
Sources: CryptoPotato, PANews, crypto.news
