Nakamoto Extends Maturity of $60 Million USDT Kraken Loan Tranche by a Year to 2027
Key Facts
Nakamoto extended by a year the maturity of a 60 million USDT tranche of its loan from Kraken, from December 4, 2026, to December 4, 2027, under an amendment dated November 11, according to the company’s filing with the U.S. Securities and Exchange Commission. The tranche is part of the 165 million USDT principal of an outstanding loan the company obtained in June 2026. The amendment defers the scheduled repayment date for this tranche, while the other tranche remains due as scheduled. The company’s chief investment officer said the amendment gives it greater flexibility to navigate bitcoin volatility. He added that the goal is to focus on operating businesses and managing holdings.
The other tranche, worth 105 million USDT, remains due on June 30, 2027, according to filing details reported by Investing.com. As a result, the loan principal no longer includes a tranche scheduled to mature in 2026 after the amendment, while part of the debt remains due in the first half of 2027. The company’s June 30 filing described outstanding debt of $164.7 million, divided between two USDT-denominated notes. At the time, the filing set the first tranche’s maturity at December 4, 2026, and the second’s at June 30, 2027. The subsequent extension of the first tranche moved its maturity to December 2027, while the second tranche’s date remained unchanged.
The amendment also expanded the collateral to include Nakamoto’s rights under a derivatives trading agreement, according to its filing. The net value of those rights is calculated under the agreement’s provisions, while Kraken determines their value daily and treats any negative value as zero. This collateral is added to the bitcoin already pledged to secure the loan. On September 30, 2026, the company said 3,030 of its 4,283 bitcoin were pledged as collateral for it. It estimated the fair value of the pledged bitcoin at about $253.2 million on that date.
The loan terms stipulate that a fall in collateral value below the liquidation threshold constitutes a default and allows Kraken to liquidate the pledged bitcoin. The company’s filing also warns that a drop in value below specified loan-to-value ratios could prompt the lender to demand additional bitcoin as collateral or repayment of part of the loan. In that case, Kraken may declare a default and liquidate some or all of the pledged bitcoin without prior notice, according to the company’s annual report. These terms set out the contractual responses to a decline in collateral value, while the filing did not state that the liquidation threshold had been reached. The announced amendment therefore focuses on the tranche’s maturity date and the collateral terms.
The company’s results diverged between the third quarter and the period since the start of the year. It reported net income of $85.5 million for the three months ended September 30, 2026, compared with a net loss of $86.0 million in the same quarter a year earlier. For the nine months ended on the same date, the company recorded a net loss of $286.2 million, including a goodwill impairment of $105.2 million. The figures show an improvement in the quarterly result from the comparable period, alongside a continuing loss over the nine months. The company also disclosed cash used in operations during the period, adding cash flow to the picture of its results.
Net cash used in operating activities was $36.8 million for the nine months ended September 30, 2026, compared with $15.9 million in the same period of 2025. The company attributed the increase to higher general cash expenses and the costs of acquiring BTC Inc and UTXO. In the stock market, NAKA shares closed at $5.79 on November 12, after closing at $6.25 in the previous session, according to EL7 data. The share move came the day after the announced loan amendment was dated, but on its own does not establish the amendment’s or collateral terms’ effect on trading. Available disclosures focus on extending the tranche’s maturity and adding derivatives rights to the collateral, while the other tranche remains due on June 30, 2027.