Overview
- The company and Kraken signed an amendment on November 12, 2026 that moves a $60 million USDT tranche from December 4, 2026 to December 4, 2027.
- The facility remains $165 million in USDT split into $105 million due June 30, 2027 and $60 million due December 4, 2027, leaving no scheduled principal payments in 2026.
- Kraken will now count the net value of Nakamoto’s Bitcoin derivatives with Payward Oceanic Ltd. as eligible collateral, tying more of the firm’s loan security to Kraken-related counterparties.
- Protective put options in those derivatives provide some downside cover but expire before the 2027 maturities, creating a gap where Nakamoto would lack that hedge unless it replaces the contracts.
- Nakamoto holds roughly 4,283–4,467 BTC and has authorized a $25 million buyback, yet its $165 million debt exceeds its roughly $104–106 million market capitalization, making Bitcoin price, replacement hedges, and the June 30, 2027 payment key risks to monitor.