Key takeaways
- Nakamoto extends $60 million Kraken loan into December 2027
- Bitcoin treasury firm still faces $165 million debt obligations
- Falling BTC prices could trigger additional collateral requirements
Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA) has extended the maturity of a $60 million cryptocurrency-backed loan from Kraken by one year, removing its immediate 2026 repayment deadline as Bitcoin's sharp selloff raises concerns about corporate treasury leverage.
According to a November 12 SEC filing, Nakamoto Holdings amended its agreement with Kraken's parent company, Payward Interactive, pushing the maturity of 60 million USDT from December 4, 2026, to December 4, 2027.
The amendment leaves the company's total outstanding Kraken principal unchanged at 165 million USDT. However, it provides additional time to manage its obligations while Bitcoin's decline pressures the value of cryptocurrency pledged as collateral.
Nakamoto Restructures $165M Kraken Loan as Bitcoin Falls
Under the revised agreement, Nakamoto must repay 105 million USDT by June 30, 2027, while the remaining 60 million USDT is due on December 4, 2027.
The company's official announcement confirms that no principal payments are now scheduled for 2026.
The restructuring also changes how collateral is calculated. Kraken can include the positive net value of certain Bitcoin derivatives positions held in Nakamoto's pledged trading account, subject to contractual limitations.
That provides additional flexibility but does not eliminate the lender's protections if Bitcoin prices decline.
Nakamoto reported holding 4,283 BTC as of September 30, including 3,030 pledged to Kraken. The pledged Bitcoin was valued at approximately $253.2 million at that date.
The agreement charges an annual loan fee of 7.75% when at least 2,000 BTC are held in the designated trading wallet, increasing to 8% below that threshold.
The financing risks are particularly relevant after Nakamoto previously reported a $238 million Bitcoin-linked quarterly loss, demonstrating how changes in cryptocurrency valuations can significantly affect its financial statements.
Could Bitcoin's Decline Trigger a Kraken Collateral Call?
Bitcoin's latest breakdown below $72,000 adds pressure to companies financing their operations through pledged cryptocurrency.
Under Nakamoto's loan agreement, falling collateral values can require the borrower to repay part of its debt, pledge additional Bitcoin, or combine both measures.
If the value drops below the contractual liquidation threshold, an event of default can occur, allowing Kraken to liquidate pledged assets.
The company has not disclosed a precise public Bitcoin price at which this would automatically happen. Therefore, its latest amendment should not be interpreted as evidence that liquidation is imminent.
Nakamoto has encountered collateral pressure before. In February, it pledged an additional 688 BTC to satisfy maintenance requirements.
In June, the company also sold approximately 600 Bitcoin and certain derivatives positions, generating proceeds that helped fund a $45 million partial loan repayment.
Similar risks exist elsewhere in the sector. Japan's Metaplanet Bitcoin-backed borrowing illustrates how corporate treasury strategies can depend on maintaining sufficient collateral during market downturns.
