The Nakamoto Kraken loan of 165 million USDT now exceeds the bitcoin firm’s $104 million market value. Key terms, collateral and new deadlines explained.
The Nakamoto Kraken loan has grown larger than the company itself, at least on the stock market. Bitcoin treasury firm Nakamoto (NAKA) owes crypto exchange Kraken 165 million USDT, while its shares are worth only about $104 million in total, CoinDesk reported on November 13, 2026. The debt is backed by pledged bitcoin, and Kraken has now given the firm more time to repay.
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Nakamoto Kraken Loan: What Happened
Nakamoto is a company led by founder David Bailey that mainly holds bitcoin. The Nakamoto Kraken loan was taken from Kraken in USDT, the dollar-pegged stablecoin issued by Tether. The loan is backed only by the company’s bitcoin.
According to CoinDesk, Nakamoto shares closed Thursday at $5.79. That gives the company a stock market value of about $104 million. The outstanding Nakamoto Kraken loan of 165 million USDT is therefore well above the value the market places on the whole business.
The firm signed an amendment to the Nakamoto Kraken loan on Wednesday and disclosed it in an 8-K filing with US regulators on Thursday. The change pushes back part of the repayment schedule and changes how Kraken measures the collateral.
Key Numbers at a Glance
| Item | Figure |
|---|---|
| Amount owed to Kraken | 165 million USDT |
| Nakamoto share price (Thursday close) | $5.79 |
| Stock market value | About $104 million |
| Bitcoin pledged to Kraken (end of September) | 3,030 of 4,283 BTC |
| Value of pledged bitcoin at Friday’s price | About $208 million |
| Collateral as share of debt | About 126% |
| Unpledged bitcoin | About 1,253 BTC (about $86 million) |
| First tranche | 60 million USDT, now due Dec. 4, 2027 |
| Second tranche | 105 million USDT, due June 30, 2027 |
New Deadlines for the Nakamoto Kraken Loan
Before the amendment, a 60 million USDT tranche was due on December 4. Kraken has now extended that payment to December 4, 2027. The remaining 105 million USDT is still due on June 30, 2027.
This means Nakamoto has no repayments due this year. For a company whose debt is larger than its market value, that extra time matters. It gives the firm room to manage its position without being forced to sell bitcoin on a tight deadline.
Tyler Evans, Nakamoto’s chief investment officer, said the amendment “extends our runway and makes our collateral position more resilient,” CoinDesk reported.
How the Collateral Works
A crypto-backed loan works much like a secured loan. The borrower pledges an asset, here bitcoin, and the lender holds it as security. If the value of that asset falls too far, the borrower must act.
Nakamoto’s quarterly report, filed this week, shows that 3,030 of its 4,283 bitcoin were pledged to Kraken at the end of September. Those coins were worth about $253 million at the time, with bitcoin near $83,500.
At Friday’s price of under $69,000, the same coins are worth roughly $208 million. By CoinDesk’s calculation, that is about 126% of what Nakamoto owes on the Nakamoto Kraken loan.
What happens if bitcoin keeps falling?
If the collateral value drops below a set maintenance level, Nakamoto must repay part of the loan, pledge more bitcoin, or do both. The company still has about 1,253 unpledged bitcoin, worth roughly $86 million at current prices, which could be used as extra security if needed.
The cushion has already shrunk. Bitcoin’s fall below $70,000 this week cut the value of the pledged coins by tens of millions of dollars compared with the end of September. Our report on Bitcoin slipping below $70K covers that sell-off in detail.
Derivatives Now Count Toward the Collateral
The change to the Nakamoto Kraken loan also lets Kraken count the net value of Nakamoto’s bitcoin derivatives positions toward the loan’s collateral tests. These include put options, which pay off if the bitcoin price falls.
Kraken will calculate the net value of the pledged derivatives account every day. Any net negative value will be counted as zero, so it cannot reduce the collateral. CoinDesk noted that the protective put options expire before the debt is due.
Nakamoto’s options book
- At the end of September, the firm had sold call options on 2,150 bitcoin at strike prices between $80,000 and $110,000. It collected premiums in return for giving up gains above those prices.
- It had also bought put options on 2,000 bitcoin at $55,000, expiring December 25.
- The whole options book was worth minus $6 million at quarter-end. Under the new terms, that would have counted as zero.
How the Nakamoto Kraken Loan Grew Into a Problem
The Nakamoto Kraken loan started last December at $210 million, with an interest cost of 8% a year. At that time, Nakamoto held nearly 5,400 bitcoin.
Since then, the company has sold coins. It sold 284 BTC in March to fund operations, then about 600 more in the second quarter. It sent $45 million of those proceeds back to Kraken, which brought the balance down to today’s 165 million USDT.
CoinDesk also noted that the coins pledged to Kraken were bought at roughly $118,000 each. With bitcoin now trading under $69,000, the firm is holding those coins well below their purchase price.
What It Means for Bitcoin Treasury Companies
Bitcoin treasury companies are listed firms that hold bitcoin as their main asset. Investors often buy their shares as an indirect way to own bitcoin. Many of them raise money through share sales or debt to buy more coins.
Borrowing against bitcoin can increase gains when prices rise. When prices fall, it works the other way. The Nakamoto Kraken loan shows how quickly a falling bitcoin price can squeeze a highly leveraged balance sheet.
Key lessons for investors include:
- Leverage cuts both ways: debt-funded bitcoin buying can magnify losses as well as gains.
- Collateral cushions can shrink fast: a drop in the bitcoin price reduces the value of pledged coins straight away.
- Market value and asset value can differ: a company’s shares can trade at a large discount to the bitcoin it holds.
- Deadlines matter: extended repayment dates can reduce the risk of forced selling in the short term.
Flows into bitcoin funds are also under pressure. Our story on Bitcoin ETFs turning negative for the year looks at that trend, while our report on where analysts see a possible bottom covers price support levels.
What to Watch Next
With the Nakamoto Kraken loan pushed into 2027, the main short-term factor is the bitcoin price. If it keeps falling, the collateral ratio will move closer to the maintenance level. If it recovers, the cushion will grow again.
Other things to follow include Nakamoto’s next filings with the US Securities and Exchange Commission, any further sales of bitcoin, and the expiry of its put options on December 25.
Frequently Asked Questions
How much does Nakamoto owe Kraken?
Nakamoto owes Kraken 165 million USDT, according to CoinDesk. That is more than the company’s stock market value of about $104 million.
When is the Nakamoto Kraken loan due?
A 60 million USDT tranche is now due on December 4, 2027, after Kraken extended it. The other 105 million USDT is due on June 30, 2027.
What backs the loan?
The Nakamoto Kraken loan is backed by bitcoin. At the end of September, 3,030 bitcoin were pledged to Kraken. At Friday’s price, those coins were worth about $208 million.
What is USDT?
USDT is a stablecoin issued by Tether. It is designed to keep a steady value of one US dollar.
This article is for information only and is not financial advice.
