Nakamoto Extends $60M Kraken Loan, Adds Bitcoin Derivatives to Its Collateral
Bitcoin-native holding company Nakamoto has extended the maturity date on $60 million of its Kraken loan by one year to December 4, 2027, while adding Bitcoin derivatives to its collateral.
The remaining $105 million is still due on June 30, 2027, meaning none of the loan principal is scheduled to mature this year. The change spreads repayments across two dates next year rather than leaving a payment due in December 2026.
Collateral Adjustment
Nakamoto will include the net value of its Bitcoin derivatives positions held in its pledged Kraken trading account as collateral, although the amendment sets limits on this arrangement.
This amendment extends our runway and makes our collateral position more resilient. It gives us more flexibility to manage through Bitcoin price volatility so we can put our full attention on what we control: building our operating businesses and managing our Bitcoin holdings so that we can continue to grow through this market cycle.
Debt Reduction History
Nakamoto initially took out $210 million in December 2025 before trimming its debt by $45 million in June. It raised roughly $48 million by selling Bitcoin and derivatives, using most of that cash to reduce its obligations.
By the end of September, the company had pledged 3,030 of its 4,283 BTC holdings to Kraken as collateral. Those coins were worth around $253 million at the time, when Bitcoin was trading near $83,500. At the current price of $69,334, their value has fallen to roughly $210 million—still about 127% of the $165 million Nakamoto owes.
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