Nakamoto Holdings owes Kraken operator Payward Interactive $165 million in USDT, backed by 3,030 Bitcoin worth about $208.5 million at roughly $68,800 per coin. An amended loan agreement disclosed in a November 12 SEC 8-K filing pushed a $60 million repayment by one year.
The collateral cushion has thinned to about 126% of the outstanding balance as Bitcoin slips below $70,000 for the first time since August, according to market reports.
Amended Terms Defer $60 Million to Late 2027
Nakamoto, a Bitcoin treasury company listed on Nasdaq under the ticker NAKA, initially borrowed 210 million USDT from Payward Interactive in a December 2025 financing arrangement. The company cut that balance by 45 million USDT in June after selling Bitcoin and derivatives for about $48 million in net proceeds, with most of the cash going toward repayment.
Under the amended agreement, a $60 million payment originally due December 4, 2026, has been deferred to December 4, 2027. The remaining 105 million USDT matures on June 30, 2027. No scheduled principal payments are due for the rest of this year.
Nakamoto held 4,283 BTC at the end of September and pledged 3,030 of them, about 71% of its stack, as collateral. Those coins were worth approximately $253.2 million when Bitcoin traded near $83,565 on September 30, according to the company’s Form 10-Q quarterly report. At roughly $68,800, the pledged Bitcoin is worth about $208.5 million.
CIO Calls Restructured Terms ‘More Resilient’
Nakamoto Chief Investment Officer Tyler Evans framed the restructuring as a step forward for the company. “This amendment extends our runway and makes our collateral position more resilient,” Evans said in the company’s November 12 SEC filing.
The amended agreement also allows Kraken to count the net value of Nakamoto’s Bitcoin derivatives toward daily maintenance and liquidation calculations. On September 30, Nakamoto held put options on 2,000 BTC with a $55,000 strike expiring December 25 and had written call options on 2,150 BTC at strikes between $80,000 and $110,000.
Net derivatives liability stood at about $6.45 million, meaning the options added no positive collateral value under the amended formula.
Market Cap Sinks Below the Outstanding Debt
Shares closed at $5.79 on November 12, leaving Nakamoto with a market capitalization of approximately $106 million, based on 18,346,473 shares outstanding as of November 9, some $59 million less than the outstanding debt.
Cash and equivalents stood at $19.4 million at the end of September, while operating cash outflow reached $36.8 million in the first nine months of 2026, more than double the $15.9 million consumed a year earlier, according to the company’s Form 10-Q quarterly report.
Total acquisition cost of the company’s Bitcoin was $506.3 million, or about $118,200 per coin, roughly 72% above the current spot price. If collateral falls below the required maintenance level, Nakamoto must repay part of the debt, post additional Bitcoin, or both. A breach of the contractual liquidation threshold could trigger a default, allowing Kraken to sell the pledged coins outright.
Nakamoto’s put options expire on December 25, which would remove downside protection below $55,000 unless new contracts replace them. The next debt milestone is the June 30, 2027, maturity of the remaining 105 million USDT. The company warned in its quarterly report that further Bitcoin declines could reduce available liquidity and impair its ability to meet financial obligations.
