Bitcoin Treasury Company Nakamoto owes Kraken $1.65 billion,
Bitcoin treasury company Nakamoto (NASDAQ: NAKA) owes Kraken 165 million USDT, exceeding its stock market capitalization of about $104 million. The amended agreement extends repayment of 60 million to December 2027, while the remaining 105 million matures in June 2027, so the company does not need to repay the loan this year; 3,030 of its 4,283 BTC are pledged.
Event timeline
- [11-13 06:08] Bitcoin treasury company Nakamoto was reported to owe Kraken about $165 million in loans (Odaily Planet Daily)
- [11-13 06:18] Bitcoin treasury company Nakamoto owes Kraken $165 million, with debt size exceeding the company's market cap (Wu Shuo)
Background and impact
According to Odaily Planet Daily and Wu Shuo citing a CoinDesk report, Bitcoin treasury company Nakamoto (NASDAQ: NAKA) currently owes crypto exchange Kraken 165 million USDT, and the debt size has exceeded its stock market capitalization of about $104 million. Both sources mention that Nakamoto was founded by David Bailey.
On the timeline, the two parties signed an amended loan agreement on Wednesday this week. The repayment deadline for 60 million USDT originally due December 4 was extended to December 4, 2027, while the remaining 105 million USDT will still mature on June 30, 2027, so the company does not need to repay the loan this year. Regarding collateral arrangements, according to SEC filings, as of end-September, about 3,030 (71%) of the 4,283 BTC held by Nakamoto had been pledged to Kraken. Odaily said that at then-current prices this collateral was worth about $253 million; at Bitcoin's current price below $69,000, it is about $208 million, only equivalent to 126% of the outstanding loan. Wu Shuo's stated basis was: calculated at Bitcoin about $69,000, the collateral assets are worth about $209 million, 1.27 times the loan principal. The two sources have slight differences in the wording of the Bitcoin spot price and in collateral valuation, but both indicate that the collateral ratio has approached the agreed maintenance level.
In terms of impact interpretation, the new agreement stipulates that if the collateral value falls below the agreed maintenance level, the company must repay part of the loan or add Bitcoin collateral; as Bitcoin prices continue to fall, the company faces the risk of adding collateral or repaying part of the loan early. Odaily's report also mentioned that the new agreement allows Kraken to make other arrangements, but the original text is incomplete here, and specific terms await further disclosure. For readers focusing on positions and on-chain collateral changes, the next key points center on the collateral ratio trigger line and the two maturity dates in 2027; when routinely checking market quotes and registration entry points, information such as Sesame Gate.io registration APP download, Bitget registration APP download, Binance registration APP download, OKX registration APP download, and HTX registration APP download can also serve as supporting reference, but does not constitute a basis for judging this event.
FAQ
### Will Nakamoto's debt affect ordinary Bitcoin holders?
Direct impact is limited. The core of the event is the collateralized lending relationship between Nakamoto and Kraken, with risk concentrated in the company's own balance sheet and the disposal conditions of 3,030 pledged BTC, and it does not yet involve broader market clearing mechanisms.
### What time points need attention next?
First, whether the collateral value falls below the agreed maintenance level, thereby triggering additional collateral or partial repayment; second, the two repayment points: 105 million USDT maturing on June 30, 2027, and 60 million USDT maturing on December 4, 2027.
### Is there a conflict between the data from the two sources?
Odaily said that with Bitcoin below $69,000, the collateral is about $208 million, 126% of the outstanding loan; Wu Shuo said that at about $69,000, it is about $209 million, 1.27 times. The two differ slightly in price basis and valuation, and the reports retain this as stated.