Nakamoto’s $165M Kraken Loan Moves Fully Into 2027

CoinDesk reported that Nakamoto’s amended loan from Kraken still totals $165 million in USDT, with no principal due in 2026. The $60 million tranche previously due on December 4, 2026, now matures on December 4, 2027.

The extension gives Nakamoto more room to manage a balance sheet centered on Bitcoin. It avoids the near-term prospect of a large cash payment or a rushed sale of holdings. The debt itself did not shrink through the amendment. Nakamoto moved the deadline; it did not remove the obligation.

The amendment changes the calendar, not the underlying exposure, leaving Nakamoto’s $165 million obligation intact while pushing both scheduled repayments into 2027 and concentrating its liquidity needs.

The facility now comprises two payments:

• $105 million due by June 30, 2027.
• $60 million due by December 4, 2027.

Nakamoto has replaced a short-term deadline with a crowded repayment year. The June tranche now comes first, followed by the extended tranche six months later.

What does the extension change for Nakamoto shareholders?

The immediate benefit is reduced repayment pressure. With zero principal due in 2026, Nakamoto avoids the risk of having to write a large check to Kraken within weeks. It also avoids being pushed into selling more Bitcoin under a tight deadline.

The extension does not reduce the amount owed. The full $165 million remains on the books. The $105 million payment due by June 30, 2027, is the next major test, and it arrives before the extended $60 million tranche.

For shareholders, the restructuring offers time rather than deleveraging, because the company retains the debt, the Bitcoin exposure and the need to fund maturities that now cluster in 2027.

A stronger collateral cushion, with a gap

Kraken will now include the net value of Nakamoto’s Bitcoin derivatives positions when determining whether the company has posted enough security. Those positions are held with another Kraken entity.

The derivatives include protective put options. A put option gains value when its underlying asset falls. The positions therefore act as a partial hedge if Bitcoin declines, cushioning the collateral posted against Nakamoto’s main holding.

“There is a catch,” CoinDesk said. The protective puts expire before the debt comes due. Once the insurance lapses, it no longer covers the exposure unless Nakamoto replaces it. The amendment can soften a Bitcoin decline while the options remain active, but it cannot remove the maturity mismatch.

Counting those derivatives can help Nakamoto meet the loan’s security requirement during a Bitcoin decline, yet the hedge itself lapses before the obligations it is meant to protect against market losses.

How Nakamoto reached this point

Nakamoto was formed through a reverse merger in May 2025. Its core business is holding Bitcoin, though it also operates in media, asset management and advisory services.

It was not the first time Nakamoto had reworked the Kraken loan. In June 2026, the company sold approximately 600 BTC and related derivatives for around $48 million. It used the proceeds to repay $45 million of the debt, reducing the facility from $210 million to $165 million.

The June sale reduced the loan, preserved a large Bitcoin position and showed that Nakamoto can turn part of its holdings into cash when a repayment deadline requires it.

After the sale, Nakamoto kept approximately 4,467 BTC. Following the debt restructuring, it also authorized a $25 million share buyback. Repurchasing shares can support the stock when it trades below asset value. The same cash competes with Nakamoto’s need to preserve liquidity for the 2027 repayments.

Nakamoto’s shares have swung sharply and have at times traded below the net asset value of the Bitcoin it holds. CoinDesk describes the equity as valued below the debt. On that measure, the market applies a steep discount to Nakamoto’s ability to convert its holdings into value for stockholders.

The completed negotiation shows Nakamoto can work with its lender, while the retained Bitcoin position gives shareholders an asset base, but neither fact erases the cash requirement created by the two 2027 maturities.

The next hard checkpoint is June 30, 2027, when $105 million becomes due. The hedge gap also remains unless Nakamoto replaces the puts before they expire, while the final $60 million payment follows on December 4, 2027.