Nakamoto Holdings, the Nasdaq-listed Bitcoin treasury company trading under ticker NAKA, has renegotiated its $165 million USDT loan with Kraken operator Payward Interactive, according to a November 12 SEC 8-K filing. The amended agreement, signed November 11, defers a $60 million repayment from December 4, 2026, to December 4, 2027. The remaining $105 million USDT principal still matures on June 30, 2027, leaving no scheduled principal payment due on the facility during 2026.
Nakamoto initially borrowed 210 million USDT in December 2025 and repaid 45 million USDT in June after selling Bitcoin and derivatives. The restructuring also changes how collateral is calculated. Kraken can now count eligible Bitcoin derivatives held through its affiliate Payward Oceanic Ltd. toward daily maintenance and liquidation calculations. The exchange assesses net positions daily, gives zero collateral credit when derivative values turn negative, and applies the credit to margin calls and liquidation thresholds—but not to releases of excess collateral. Nakamoto may close derivatives positions and transfer proceeds directly into a pledged collateral account.
The collateral cushion has become thinner as Bitcoin slipped below $70,000 for the first time since August. At the end of September, Nakamoto held 4,283 BTC, pledging 3,030 BTC—about 71% of its stack—as collateral. Those coins were worth about $253.2 million when Bitcoin traded near $83,565 on September 30. At roughly $68,800 per coin, the pledged Bitcoin is worth about $208.5 million, leaving the cushion at around 126% of the outstanding balance.
Nakamoto’s stock closed at $5.79 on November 12, implying a market capitalization of about $106 million based on 18,346,473 shares outstanding—roughly $59 million less than the outstanding debt. The company reported $19.4 million in cash and equivalents at the end of September, while operating cash outflow reached $36.8 million in the first nine months of 2026. Its total Bitcoin acquisition cost was $506.3 million, or about $118,200 per coin, around 72% above the current spot price.
On September 30, Nakamoto held put options on 2,000 BTC with a $55,000 strike expiring December 25 and had written call options on 2,150 BTC at strikes between $80,000 and $110,000. Net derivatives liability stood at about $6.45 million, meaning the options added no positive collateral value under the amended formula. If collateral falls below required maintenance levels, Nakamoto must repay part of the debt, post additional Bitcoin, or both. A breach of the liquidation threshold could trigger a default, allowing Kraken to sell the pledged coins.
Chief Investment Officer Tyler Evans said the changes extend the runway and make the collateral position more resilient. However, the company has warned that further Bitcoin declines could reduce available liquidity and impair its ability to meet financial obligations. The next major debt milestone is the June 30, 2027 maturity of the remaining 105 million USDT.
