Nakamoto Holdings extended a 60 million Tether (USDT) loan tranche with Payward Interactive Inc., which does business as Kraken, moving its due date to Dec. 4, 2027, while keeping 165 million USDT principal outstanding.

Nakamoto Holdings is a wholly owned subsidiary of Nakamoto Inc. It signed the amendment Nov. 11. Payward Oceanic Ltd. joined specified provisions related to the derivatives agreement. Payward Interactive remains the contracting party.

The 60 million USDT portion had been scheduled to mature Dec. 4, 2026. The remaining 105 million USDT is due June 30, 2027. The revised schedule leaves no principal scheduled to mature in 2026. The principal remains 165 million USDT, so the change shifts a deadline without reducing the amount owed.

Eligible positive net value from Bitcoin (BTC) derivatives positions held in a pledged trading account can now count in certain collateral-call calculations and liquidation-threshold tests. The calculation includes the size of a collateral call, but this derivatives value cannot be used for other collateral purposes, including releasing excess Bitcoin. Kraken calculates net value daily. A negative amount counts as zero.

Nakamoto may also close derivatives positions to meet collateral calls, with proceeds paid directly into a collateral account. Kraken can still demand additional Bitcoin or partial repayment if collateral falls below relevant thresholds and can liquidate pledged Bitcoin if liquidation conditions are met.

As of Sept. 30, Nakamoto held 4,283 BTC, including 3,030 BTC pledged as collateral. The pledged coins were valued at about $253.2 million, while its 1,253 unencumbered BTC were valued at about $104.7 million. Nakamoto's cash and cash equivalents totaled $19.4 million. These are quarter-end figures and do not describe the company's position when it signed the amendment Nov. 11.

In June, Nakamoto repaid 45 million USDT on a loan that had totaled 210 million USDT after selling about 600 BTC and derivative contracts. The sales generated approximately $48 million in net proceeds.

“This amendment extends our runway and makes our collateral position more resilient,” said Tyler Evans, Nakamoto's chief investment officer.

The amended schedule sets June 30, 2027, as the next maturity date for the remaining 105 million USDT, followed by Dec. 4, 2027, for the extended tranche.

John Kim

John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to [email protected].