Key Highlights:
- Nakamoto’s $60 million Kraken loan tranche has been extended from December 4, 2026, to December 4, 2027.
- The company now has $165 million outstanding in $USDT debt, with $105 million due by June 30, 2027, and $60 million due by December 4, 2027.
- Kraken will count the net value of Nakamoto’s Bitcoin derivatives positions as collateral, although its protective put options expire before the debt matures.
Nakamoto pushes $60 million debt maturity into 2027
Nakamoto has secured more time to repay part of its Kraken loan, moving the maturity date for a $60 million tranche from December 4, 2026, to December 4, 2027. The amendment means Nakamoto has no principal payment due in 2026, allowing the Bitcoin-focused company to avoid making a large repayment within the next few weeks.
The Kraken facility now totals $165 million in $USDT, down from its original $210 million. The remaining balance is divided between a $105 million tranche due by June 30, 2027, and the newly extended $60 million tranche due by December 4, 2027. While the extension eases Nakamoto’s immediate financing pressure, it concentrates both major repayment obligations in the same year.
Kraken expands eligible collateral to include Bitcoin derivatives
The loan amendment also changes how Kraken calculates Nakamoto’s collateral. Kraken will include the net value of Nakamoto’s Bitcoin derivatives positions, which are held with another Kraken entity, when determining whether the company has provided sufficient security for the facility.
The derivatives include protective put options. Put options generally gain value when the underlying asset declines, so Nakamoto’s positions provide a partial hedge against a fall in Bitcoin, the company’s primary holding. That hedge can help support Nakamoto’s collateral position if Bitcoin prices weaken.
However, CoinDesk reported that the protective puts expire before Nakamoto’s debt comes due. As a result, the collateral protection will lapse before the repayment deadlines unless Nakamoto replaces or extends the hedge. The company could therefore face renewed exposure during the period between the derivatives’ expiration and the loan maturities.
Nakamoto’s loan history and Bitcoin holdings
Nakamoto was formed through a reverse merger in May 2025. Its main business is holding Bitcoin, while it also operates media, asset management and advisory businesses.
The company previously reworked the Kraken loan in June 2026, when Nakamoto sold approximately 600 $BTC and related derivatives for around $48 million. It used $45 million of the proceeds to repay debt, reducing the facility from $210 million to its current $165 million.
Following the sale, Nakamoto retained approximately 4,467 $BTC on its balance sheet. After the latest debt restructuring, the company also authorized a $25 million share buyback. Nakamoto’s shares have experienced sharp swings and have at times traded below the net asset value of the Bitcoin held by the company.
What the restructuring means for Nakamoto shareholders
The immediate benefit for Nakamoto is lower short-term pressure. With no principal repayment due in 2026, the company is less likely to need to sell additional Bitcoin under a tight deadline. The extension may also give Nakamoto more time to manage its liquidity and respond to market conditions before the next major payment.
The restructuring does not reduce Nakamoto’s outstanding debt. The full $165 million remains on the company’s books, and the $105 million payment due by June 30, 2027, represents the next significant test. That obligation arrives before the extended $60 million tranche comes due in December.
Including Bitcoin derivatives in the collateral calculation is a meaningful but temporary improvement. The arrangement can help Nakamoto comply with its loan terms during a Bitcoin price decline, but that protection disappears when the puts expire unless replacement coverage is arranged. The debt, meanwhile, remains outstanding.
For shareholders, the impact is mixed. Nakamoto has demonstrated that it can negotiate with Kraken and continues to hold approximately 4,467 $BTC. At the same time, the company’s equity is valued below its debt, indicating that the market is applying a substantial discount to Nakamoto’s ability to convert its Bitcoin holdings into value for shareholders.
The $25 million buyback adds another consideration. Repurchasing shares could support Nakamoto’s stock when it trades below the value of its assets, but using cash for buybacks also competes with the need to preserve liquidity for the company’s 2027 debt repayments.
Why This Matters
Nakamoto’s restructuring illustrates the financing pressure facing companies that use debt to hold Bitcoin. Extending the $60 million maturity gives Nakamoto more time and reduces the risk of a forced Bitcoin sale in 2026, but it does not eliminate the repayment burden. Instead, the company has exchanged an immediate deadline for a concentrated set of obligations in 2027.
The collateral amendment also highlights the importance of the timing of hedging instruments. Protective puts can help offset a decline in Bitcoin and support loan compliance, but their value is limited by their expiration date. Nakamoto’s ability to maintain adequate collateral and meet the $105 million payment in June 2027 will remain central to its financial position.
Frequently Asked Questions
How much does Nakamoto owe Kraken?
Nakamoto’s Kraken facility currently stands at $165 million in $USDT. The balance consists of a $105 million tranche due by June 30, 2027, and a $60 million tranche due by December 4, 2027.
When is Nakamoto’s next major debt payment due?
The next major payment is the $105 million tranche due by June 30, 2027. The $60 million tranche is due later, on December 4, 2027.
Why are Bitcoin put options important to Nakamoto’s loan?
The protective put options can gain value when Bitcoin falls, providing a partial hedge and helping support Nakamoto’s collateral position. CoinDesk reported that the puts expire before the debt matures, so the protection will not automatically remain in place through the repayment dates.
