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Nakamoto Inc. reworked its credit arrangement with the Kraken exchange, postponing a $60 million USDT principal payment from December 4, 2026, to December 4, 2027, according to Coinpedia. The deal leaves no scheduled principal maturities on the facility during 2026, but the Nasdaq-listed company, which trades as NAKA, still owes $105 million in USDT by June 30, 2027.
The amendment was signed on November 11 and disclosed the following day, Coinpedia reported. Kraken’s lending arm is Payward Interactive, Inc., and the facility total of $165 million in USDT was not reduced by the change, according to Crypto Briefing. Coverage from CoinCentral puts the company’s recent equity value below the loan’s nominal principal while noting that market capitalization is not the same measure as asset value.
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Key facts
- The amended facility totals $165 million in USDT and splits into a $105 million tranche due June 30, 2027, and a $60 million tranche now due December 4, 2027.
- The $60 million tranche was previously scheduled for December 4, 2026, so no principal payment falls due this year.
- Nakamoto had pledged 3,030 BTC of its 4,283 BTC at September 30, leaving 1,253 BTC unencumbered, per Coinpedia and CoinCentral.
- The amendment lets the net positive value of eligible Bitcoin derivatives held through Kraken affiliate Payward Oceanic Ltd. count toward collateral tests, while positions with negative value count as zero.
- Nakamoto held $19.4 million in cash at September 30 and used $36.8 million in operating cash during the first nine months of 2026, according to Coinpedia.
The company said the extension gives it room to keep building its operating businesses through Bitcoin market cycles. Chief Investment Officer Tyler Evans described the change as improving flexibility during Bitcoin volatility, Crypto Briefing and CoinCentral reported.
Collateral rules still govern the loan
The longer calendar does not remove Kraken’s contractual protections. The agreement permits a collateral call when coverage weakens; Nakamoto then has 48 hours after notice to add collateral or repay debt, per Coinpedia. A separate liquidation threshold lets Kraken sell pledged collateral immediately and without notice.
Also readKraken Parent Payward Wins Full Dubai VARA License, Eyes UAE Launch
The derivative provision adds a cushion rather than a guarantee. Net positive values count toward margin calls and liquidation thresholds, but CoinCentral reported that this credit does not extend to releases of excess collateral, and Nakamoto can also close positions and move proceeds into a pledged account. CoinCentral noted the filing identifies protective Bitcoin put options as one possible offset against falling collateral values.
The loan dates to late 2025, when it started at $210 million in USDT against Bitcoin collateral with a minimum value of $323.4 million and carried an 8% annual fee, Crypto Briefing reported. CoinCentral added that the rate drops to 7.75% annually when the pledged trading wallet holds at least 2,000 Bitcoin. The facility was later reduced to $165 million, and Nakamoto’s September quarterly filing recorded $164.9 million in total debt.
The reports differ on the exact signing date: Coinpedia pegged it to November 11, while Crypto Briefing said the amendment was signed on November 12, 2026.
Nakamoto previously sold about 600 BTC and derivatives, applying $45 million to reduce the loan, Coinpedia reported. It also disclosed a 41% net leverage-to-digital-assets ratio and valued its Bitcoin holdings at about $357.9 million as of September 30, according to CoinCentral. In a statement on X, the company said the amendment provides greater flexibility with no principal maturities left in 2026.
Why it matters
Nakamoto is one of a group of public companies that borrow against Bitcoin rather than sell it, keeping exposure to the asset while raising cash. For that model, the repayment calendar and collateral terms matter as much as the coin price, because a falling market can trigger calls even when a borrower has no payment due. Nasdaq shareholders now face a lighter 2026 schedule and a heavier 2027 one, when the full $165 million falls due in two chunks. Crypto Briefing noted that the lender, the collateral custodian relationship and the derivatives counterparty all sit within the Kraken corporate family, deepening the tie between the two firms.
What to watch
The next fixed deadlines are June 30, 2027, and December 4, 2027. Between now and then, the figures that matter are Nakamoto’s pledged Bitcoin balance, the marked value of its derivatives positions and its cash position. Nakamoto has not disclosed updated pledged holdings since September 30, CoinCentral noted.
This article is not financial advice, and the value of Bitcoin and related equities is volatile and uncertain.
Sources: Coinpedia, Crypto Briefing, CoinCentral
