Nakamoto Postpones Kraken Debt Payment to 2027
The company renegotiated $60 million and added Bitcoin derivatives as collateral following an asset value drop.
Nakamoto, a holding company focused on Bitcoin, has renegotiated its loan agreement with the Kraken exchange. The maturity date for a $60 million installment has been pushed from December 2026 to December 2027.
The company's total outstanding debt amounts to $165 million in USDT. The remaining $105 million is scheduled to mature in June 2027. With this change, no principal payments are required by the creditor for the remainder of this year.
To strengthen collateral, the company will now include the net value of its Bitcoin derivative positions held in its Kraken account. The agreement sets limits for this new type of collateral. Nakamoto management states that the measure extends the operational runway and offers greater resilience against market volatility.
As of the end of September, the company had pledged 3,030 of its 4,283 Bitcoins as collateral. On that date, the value of these assets was approximately $253 million. With the recent decline in the cryptocurrency price, the value of these assets has fallen to about $210 million.
Nakamoto's current debt exceeds the company's own market capitalization. The firm seeks to remain focused on expanding its operational business while managing its Bitcoin treasury exposure throughout this market cycle.
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