Kraken extends $60M Nakamoto loan to December 2027

The amendment was disclosed in an 8-K filing and press release from Nakamoto, which trades on the Nasdaq under ticker NAKA. The lender is Payward Interactive, Inc., the corporate name behind the Kraken exchange. This change significantly reduces refinancing pressure for Nakamoto in 2026.

Loan terms reshaped

The $165 million facility now splits into two pieces. One tranche of $105 million is due on June 30, 2027, while the other $60 million tranche is now due on December 4, 2027. The amendment also expands the pool of assets that can back the loan to include net value of Bitcoin derivatives positions held with Payward Oceanic Ltd.

Loan history

The Kraken loan originated in late 2025 as fixed-term borrowing with an 8% annual fee. Initially totaling $210 million in USDT, it was backed by Bitcoin collateral worth at least $323.4 million. The facility was later reduced to the current $165 million without changing the fundamental terms.

Strategic implications

The extension eliminates Nakamoto's $60 million principal maturity in 2026, providing a full year of breathing room. The company now faces the complete $165 million in principal obligations during 2027, with $105 million due in June and $60 million in December. The expanded collateral provisions tie more of Nakamoto's trading activity to its debt arrangement.

For Kraken, the deal strengthens its financing relationship with a public Bitcoin-focused company. All parties involved—lender, collateral custodian, and derivatives counterparty—belong to the same corporate family. The key dates to watch remain June 30, 2027, and December 4, 2027, along with the value of Nakamoto's collateral.