Nakamoto Inc. (NASDAQ: NAKA), a US-listed corporate Bitcoin treasury firm, has reached an agreement with cryptocurrency exchange Kraken to extend the maturity of a $60 million USDT-backed loan by one year. This amendment moves the repayment deadline from December 2026 to December 2027, allowing the company more time to meet its financial commitments amid ongoing volatility in Bitcoin markets.
Revised terms for multi-million loan
A recent filing with the US Securities and Exchange Commission (SEC) shows that the entire $165 million outstanding principal Nakamoto owes to Kraken remains unchanged. However, the repayment of 60 million USDT is now set for December 4, 2027, instead of 2026. The revised loan agreement requires Nakamoto to pay back 105 million USDT by June 30, 2027, with the remaining balance due six months later.
The company has confirmed that no repayments are scheduled for 2026, relieving near-term liquidity pressures. At the heart of the restructuring is the option for Kraken to calculate collateral by including gains on certain Bitcoin derivatives positions held in Nakamoto’s trading account. This adjustment provides the borrower with greater flexibility around collateral requirements, though key protections for the lender remain if Bitcoin’s value continues to decline.
As of September 30, Nakamoto reported holding 4,283 BTC, with 3,030 BTC pledged to Kraken. The value of this pledged collateral stood around $253.2 million at that time.
The annual fee for the loan is set at 7.75% as long as Nakamoto maintains at least 2,000 BTC in its trading wallet. If holdings fall below that threshold, the rate increases to 8%.
Nakamoto reported that, due to these changes, it does not expect to make any principal payments in 2026. The amendments also introduce more flexible collateral calculation, while still protecting the lender in case of sharp Bitcoin price declines.
In previous quarters, the company has experienced the impact of crypto market volatility on its results, including a $238 million Bitcoin-related loss linked to adverse price swings.
Loan security and collateral risks
The updated agreement comes just as Bitcoin faces renewed selling pressure, with the price falling below $72,000. For corporates like Nakamoto that rely on crypto-backed loans, declining asset values can prompt collateral calls, requiring repayment, additional pledges, or both to prevent liquidation of pledged assets.
If the value of Bitcoin collateral falls below specific contractual levels, Kraken has the right to liquidate the pledged holdings. While the firm has not publicly disclosed the exact Bitcoin price that would trigger automatic liquidation, the firm’s recent loan agreement amendment does not imply that such an event is imminent.
Nakamoto has faced similar pressures previously. In February, the firm pledged an additional 688 BTC to meet maintenance requirements and in June, sold approximately 600 BTC combined with certain derivatives positions, using the proceeds to repay $45 million of the outstanding loan.
These moves highlight the evolving strategies corporate treasuries employ to manage risk during crypto asset downturns. Other companies, such as Japan-based Metaplanet, have also used Bitcoin-backed loans to support their operations, underscoring the broader trend of credit risk being influenced by cryptocurrency price movements.
Mini dictionary: Nakamoto Inc. is a US-listed company holding significant Bitcoin reserves and managing crypto-backed corporate loans to optimize its treasury strategy. Kraken is a major global cryptocurrency exchange offering trading, lending, and other financial services in the digital asset sector.
| Loan Amount (USDT) | Original Repayment Date | Updated Repayment Date |
|---|---|---|
| 105 million | June 30, 2027 | June 30, 2027 |
| 60 million | December 4, 2026 | December 4, 2027 |
