Nakamoto owes Kraken $165M, more than the market says it is worth
Bitcoin treasury company Nakamoto has amended its loan agreement with Kraken, pushing a $60 million repayment deadline back by a year, though its debt still exceeds the company's stock market valuation.
The Nasdaq-listed firm (NAKA) has amended its credit agreement with Kraken, formally Payward Interactive, Inc., on November 12, 2026. The most significant change involves a $60 million tranche denominated in USDT, the Tether stablecoin, which was originally due on December 4, 2026, but now matures on December 4, 2027.
The practical effect is that Nakamoto now has zero principal due in 2026. Instead of facing a large payment in a few weeks, the company has pushed that obligation into next year. The facility currently stands at $165 million in USDT, down from its original size of $210 million.
Loan restructuring details
The remaining balance is split into two pieces: a $105 million tranche due by June 30, 2027, and the newly extended $60 million tranche due by December 4, 2027. This means 2027 will see both payments come due simultaneously, creating a crowded repayment schedule.
The amendment also changes what counts as collateral. Kraken will now include the net value of Nakamoto's Bitcoin derivatives positions, held with another Kraken entity, when measuring whether the company has posted enough security.
Collateral concerns
The derivatives include protective put options that act as a partial hedge if Bitcoin's price slides. However, these protective puts expire before the debt comes due, leaving a period where the hedge no longer covers the exposure.
The insurance, in other words, lapses before the bill arrives, which leaves a stretch where the hedge no longer covers the exposure.
Company background
Nakamoto was formed through a reverse merger in May 2025. Its core business is holding Bitcoin, though it also runs media, asset management and advisory operations. In June 2026, the company sold approximately 600 BTC along with related derivatives for around $48 million, using that cash to repay $45 million of the debt.
Following the debt restructuring, Nakamoto kept approximately 4,467 BTC on its balance sheet and authorized a $25 million share buyback. The market has reacted negatively, with shares trading below the net asset value of the Bitcoin the company holds.
Future outlook
The extension provides immediate relief by avoiding forced Bitcoin sales in 2026, but the full $165 million still needs to be repaid. The $105 million payment due by June 30, 2027 represents the next major test.
For shareholders, the situation is mixed. While the company has negotiated with its lender and maintained a significant Bitcoin position, the equity is valued below the debt, indicating a market discount on the company's ability to convert holdings into shareholder value.
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