Nakamoto Inc. (NASDAQ: NAKA) has pushed 60 million USDT of its loan from Kraken from 4 Dec 2026 to 4 Dec 2027, according to an 8-K filing dated 12 Nov. The other 105 million USDT of the 165 million outstanding still falls due on 30 Jun 2027, so no principal matures this year. The amendment was signed on 11 Nov.
The real change is in how collateral is counted. The loan is secured by bitcoin, and the filing says the net value of Nakamoto’s derivatives positions with Kraken, such as protective puts, now counts towards the collateral tests, with a negative value treated as zero. That lets hedges offset a falling price before Nakamoto must post more coins or repay. It does not remove the requirement: the 10-Q filed the same day says 3,030 of its 4,283 bitcoin were pledged at 30 Sep.
Those coins were worth $253.2 million then. At Kraken’s $69,244 at 10:43 UTC on Friday they would be worth about $210 million, our arithmetic, if all were still pledged. CoinDesk put Nakamoto’s stock market value at about $104 million after Thursday’s close, below the debt.
The 10-Q lists purchased puts on 2,000 bitcoin at a $55,000 strike that expire on 25 Dec, and written calls on 2,150 bitcoin at strikes between $80,000 and $110,000. The put protection therefore ends before the new December 2027 date. “This amendment extends our runway and makes our collateral position more resilient,” chief investment officer Tyler Evans said in the company’s release.
CryptoWatchDesk has tracked how index and balance-sheet pressure reaches listed treasury companies, from MSCI’s decision to drop Strategy and Metaplanet to Bitmine’s $6.3 billion annual loss. Nakamoto’s loan fee is 7.75% a year while it holds at least 2,000 bitcoin in its trading wallet, and 8.00% below that, the 10-Q says.
This article is for information only and is not investment advice.