Nakamoto Defers 60M USDT Kraken-Linked Payment to 2027

Nakamoto has pushed a 60 million USDT payment on its Kraken-linked debt into 2027, according to a November 13 account first reported by The Defiant. The amendment buys the Bitcoin borrower repayment time, but the revised collateral terms still permit liquidation of pledged BTC before the new payment date.

The deferral replaces a previously reported December 4 deadline. The obligation is denominated in USDT — 60 million tokens — with the widely cited "$60 million" figure serving as dollar shorthand for the stablecoin amount.

What changed in the payment schedule?

The extension moves a scheduled cash demand further out, letting Nakamoto approach the obligation over a longer period rather than meeting the December deadline. The outstanding amount remains part of its debt burden.

The amendment carries a second concession: Nakamoto gains credit for protective derivatives held against its Bitcoin position. That provision brings the company's hedging instruments into the revised arrangement as the value of the collateral backing the loan has fallen.

The relief is partial. The latest account states explicitly that collateral requirements can allow liquidation before the postponed payment falls due.

Who owes the money, and how is Kraken involved?

Nakamoto is the borrower on the facility, with Bitcoin pledged against the loan. A CryptoSlate LinkedIn post describes the company as having sold Bitcoin and repaid part of a Kraken-affiliated loan before the extension.

The earlier account called the borrowing a Kraken-affiliated loan; the November 13 account describes it as Kraken debt. "Kraken-linked" captures the relationship without assigning the agreement to a particular contracting affiliate.

For Nakamoto, three terms govern the deal: the repayment obligation, the treatment of protective derivatives, and the lender's rights over collateral. Those terms determine how much flexibility the extension provides when Bitcoin prices move against the pledged assets.

What did Nakamoto do before the extension?

The prior loan account, per CryptoSlate, details concrete steps. Nakamoto:

• Sold 600 BTC;
• Repaid 45 million USDT of debt;
• Held $57.8 million in cash plus unencumbered Bitcoin at quarter-end.

The sale reduced the company's Bitcoin holdings. The repayment cut debt, but the remaining 60 million USDT obligation still required attention, and the extension now addresses its timing. The earlier account also said pledged Bitcoin could cover the maturity, and it described a 24-hour collateral call window — underscoring how little response time the borrower may have under enforcement provisions.

The distinction matters for anyone tracking the company: the 45 million USDT repayment is debt already retired, while the 60 million USDT extension is debt moved to a later date.

Why does falling Bitcoin put the collateral terms in focus?

Bitcoin traded at $68,814 at 09:27:25 UTC on November 13, down 6.14% over 24 hours, according to CoinGecko. A lower valuation pressures the assets backing the debt, while the payment obligation sits in USDT.

The wider market showed the same stress. Per U.Today's account of CoinGlass figures, 187,171 traders faced liquidation over 24 hours across exchanges. Bitcoin positions accounted for $918.6 million of liquidations, with longs making up 95.4% of that amount.

A BTC recovery would support the collateral's value; further weakness would keep the loan's enforcement provisions active even with the payment pushed to 2027.

What happens before 2027?

Liquidation of pledged Bitcoin before the new payment date could reduce the assets under Nakamoto's control. The risk is conditional, but it leaves the collateral terms as relevant as the repayment calendar.

The next meaningful development could concern collateral management as much as repayment. Watch for further debt reduction, changes in pledged BTC, or adjustments to the protective derivatives position — each affects a different part of the borrowing. A 60 million USDT payment has moved into 2027, but the pledged Bitcoin remains subject to collateral requirements throughout the interval, and a further decline in BTC could bring enforcement provisions back into play well before maturity.