That tranche was originally due on December 4, 2026. It now matures on December 4, 2027.
The practical effect is simple. Nakamoto has zero principal due in 2026. Instead of writing a large check to its lender in a few weeks, it can push that problem into next year.
The facility currently stands at $165 million in $USDT, down from its original size of $210 million. The remaining balance is split into two pieces:
A $105 million tranche is due by June 30, 2027. The $60 million tranche is now due by December 4, 2027.
So 2027 looks like the year everything comes due at once. Nakamoto has traded a short-term deadline for a crowded one later.
A new collateral wrinkle
The amendment also changes what counts as collateral. Kraken will now include the net value of Nakamoto’s Bitcoin derivatives positions, held with another Kraken entity, when it measures whether the company has posted enough security.
Those derivatives include protective put options. A put option gains value when the underlying asset falls, so these positions act as a partial hedge if Bitcoin’s price slides. That cushions Nakamoto’s collateral position against a drop in the coin it mainly holds.
There is a catch, according to CoinDesk. The protective puts expire before the debt comes due. The insurance, in other words, lapses before the bill arrives, which leaves a stretch where the hedge no longer covers the exposure.
How Nakamoto got here
Nakamoto was formed through a reverse merger in May 2025. Its core business is holding Bitcoin, though it also runs media, asset management and advisory operations.
This is not the first time the company has had to rework the Kraken loan. In June 2026, Nakamoto sold approximately 600 $BTC along with related derivatives for around $48 million. It used that cash to repay $45 million of the debt, which is how the facility shrank from $210 million to its current $165 million.
After that sale, the company kept approximately 4,467 $BTC on its balance sheet. Following the debt restructuring, it also authorized a $25 million share buyback.
The market has given it reason to think so. Nakamoto’s shares have swung sharply and have at times traded below the net asset value of the Bitcoin the company holds.
What this means for Nakamoto and its shareholders
The most immediate effect is reduced pressure. With no principal due in 2026, Nakamoto avoids being pushed into selling more Bitcoin on a tight deadline.
The extension does not reduce the amount owed, though. The full $165 million still sits on the books, and both remaining tranches land in 2027. The $105 million payment due by June 30, 2027 is the next big test, and it arrives before the extended tranche.
The collateral change is a genuine improvement, but a time-limited one. Counting derivatives toward collateral helps Nakamoto stay on the right side of its loan terms if Bitcoin dips. Once those puts expire, that protection disappears unless the company replaces it, while the debt remains.
For shareholders, the picture is mixed. On one hand, the company has shown it can negotiate with its lender and has kept a sizable Bitcoin position of approximately 4,467 $BTC. On the other, the equity is valued below the debt, which means the market is applying a steep discount to the company’s ability to turn its holdings into value for stockholders.
The buyback adds another variable. Spending cash to repurchase shares can support the stock when it trades below asset value. It also competes with the need to keep enough liquidity on hand for 2027’s repayments.
cryptobriefing.com
