Nakamoto extends maturity on 60M USDT of Kraken debt to December 2027

A 60 million USDT repayment has moved out of December 2026, giving a bitcoin-backed borrower another year before that tranche falls due. Nakamoto Inc. NASDAQNAKA, a bitcoin investment and operating company, announced Nov. 12 that its amended Kraken loan leaves no scheduled principal due in 2026.

The agreement signed Nov. 11 extends 60 million USDT within an existing 165 million USDT loan, providing no new borrowing. The other 105 million USDT still matures June 30, 2027. The extended tranche now falls due Dec. 4, 2027.

The relief lands against US$19.4 million in cash and equivalents at Sept. 30, according to Nakamoto's Nov. 12 quarterly results. The company also held 4,283 bitcoin, but 3,030 were pledged to secure its notes payable.

Shares fell 7.36 per cent to US$5.79 at Nasdaq's Thursday close, 4:00 p.m. EST, according to the NASDAQNAKA quote page.

The Extension Leaves Principal Unchanged

Nakamoto's subsidiary, Nakamoto Holdings Inc., is the borrower under the agreement with Payward Interactive, Inc., doing business as Kraken. The Nov. 11 amendment changes the repayment schedule and collateral treatment under their existing master loan agreement.

On June 11, Nakamoto said it had repaid approximately US$45 million by monetizing bitcoin and related derivatives positions. Sales of about 600 bitcoin and derivatives positions generated roughly US$48 million in net proceeds.

That June refinancing left 165 million USDT outstanding and divided the maturities between December 2026 and June 2027. The November extension applies to the earlier tranche within that balance, leaving the aggregate principal unchanged.

The June 11 terms also provided for a 7.75 per cent annual interest rate if Nakamoto maintained a baseline of 2,000 bitcoin in its separately managed trading account. The rate was otherwise 8 per cent, so postponing principal repayment does not remove the loan's ongoing financing cost.

"This amendment extends our runway and makes our collateral position more resilient," Nakamoto chief investment officer Tyler Evans said in the Nov. 12 announcement.

Eligible Net Derivatives Value Counts Toward Collateral Calls

The Nov. 11 amendment lets eligible positive net value from Nakamoto's derivatives positions count toward collateral requirements without first closing those positions. Kraken determines that value daily, and a negative net value is treated as zero for this calculation.

The additional value counts when testing collateral-call and liquidation thresholds and determining the size of a collateral call. It does not count when determining whether collateral can be returned to Nakamoto, according to the Nov. 11 filing.

The filing says the change is intended to let protective positions, such as bitcoin put options, offset declining collateral value before Nakamoto must pledge more assets or repay part of the loan. That treatment depends on eligible derivatives value rather than simply on the number of bitcoin held.

Under the Nov. 11 terms, Nakamoto can also satisfy a collateral call by terminating derivatives positions and directing the proceeds into a collateral account. Kraken can require positions to be closed following an event of default or a liquidation trigger.

Nakamoto's Nov. 12 announcement warns that derivatives value may be limited or zero and may fail to offset falling collateral values. It also warns that bitcoin declines could require additional collateral or repayment, or lead to default and liquidation at unfavourable prices.

Cash And Bitcoin Carry Different Constraints

At Sept. 30, Nakamoto's bitcoin holdings had an aggregate reported value of US$357.9 million, while 1,253 coins were unencumbered. The distinction between treasury assets and funds available for obligations also ran through Mugglehead's earlier coverage of bitcoin collateral and liquidity.

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For the quarter ended Sept. 30, Nakamoto reported US$3.9 million in revenue from its operating businesses and negative US$5.8 million in net derivative revenue. The company attributed the derivatives loss to rising bitcoin prices reducing the value of its positions.

Protective strategies accounted for approximately US$3 million of derivatives losses in the third quarter of 2026. The company said those positions remained in place at Sept. 30 and were designed to hedge downside scenarios, illustrating why their value can move differently from the bitcoin treasury.

The amended schedule's next principal maturity is 105 million USDT on June 30, 2027. Collateral requirements remain a nearer test because the Nov. 11 amendment provides for daily derivatives valuations before the remaining 60 million USDT comes due on Dec. 4, 2027.