Bitcoin company Nakamoto postpones multimillion-dollar payment to Kraken

The U.S. Bitcoin company Nakamoto has been granted an additional year to repay part of its loan to the crypto exchange Kraken. The amount in question is $60 million.

The postponement comes at a sensitive time, now that the Bitcoin price has fallen below $69,000. Almost three-quarters of Nakamoto's Bitcoin holdings serve as collateral for the loan.

A filing with the U.S. Securities and Exchange Commission (SEC) on November 12 reveals that Nakamoto has entered into new agreements with Kraken. The listed company, backed by Bitcoin entrepreneur David Bailey, still owes 165 million USDT. This is a cryptocurrency whose value is pegged to the U.S. dollar.

Originally, Nakamoto was required to repay 60 million USDT on December 4, 2026. That deadline has now been pushed back to December 4, 2027. The remaining 105 million USDT must be repaid on June 30, 2027.

As a result, Nakamoto no longer has to repay any part of the loan this year. However, the interest obligations remain in place.

According to Investment Director Tyler Evans, the postponement gives the company more financial leeway to absorb fluctuations in the crypto market.

The extra time comes at an important juncture. At the end of September, Nakamoto held 4,283 Bitcoin (BTC). Of these, 3,030 BTC, almost 71 percent of the total holdings, were pledged as collateral for the loan with Kraken.

At a Bitcoin price of around $68,800, those coins are worth approximately $208.5 million combined. This is offset by an outstanding loan of $165 million.

The collateral is therefore still worth about $43.5 million more than the debt. However, that buffer will shrink if the Bitcoin price continues to fall.

If the value of the collateral falls below the agreed limit, Kraken may require Nakamoto to provide additional collateral or repay part of the loan. If the company fails to meet those obligations, the pledged Bitcoin may be sold under the terms of the loan.

However, the new agreements do provide additional protection. From now on, the positive value of certain financial contracts that Nakamoto holds with Kraken may also be included in the calculation of the collateral.

In addition to the locked-up coins, Nakamoto still held 1,253 BTC at the end of September that had not been used as collateral. At a Bitcoin price of $68,800, they are worth approximately $86 million.

These coins can potentially be used as additional collateral. At the same time, their value also declines when the Bitcoin price continues to fall.

Nakamoto's financial position has been under pressure for some time. The company paid an average of about $118,200 per Bitcoin. The current price is well below that.

To reduce his debts, Nakamoto had already sold around 600 Bitcoin and financial contracts in June. This repaid 45 million USDT of the loan.

In its most recent quarterly report, the company had $19.4 million in cash and cash equivalents. In addition, $36.8 million flowed out of operating activities in the first nine months of 2026.

Nakamoto also holds protective Bitcoin options that can increase in value in the event of a sharp price drop. However, some of these expire as early as December 25, while repayments to Kraken are not scheduled until 2027.