Nakamoto Extends $60M Kraken Loan, Adds Bitcoin Derivatives to Its Collateral

The Bitcoin-native holding company founded by David Bailey, Nakamoto, has bought itself another year before part of its Kraken debt comes due.

But it still owes $165 million in USDT, which, interestingly, is more than the market values the company.

Kraken Loan

The firm said its subsidiary, Nakamoto Holdings, amended its agreement with Kraken to move the maturity date on $60 million from December 4, 2026, to December 4, 2027. The remaining $105 million is due on June 30, 2027, meaning none of the loan principal is scheduled to mature this year. The change spreads repayments across two dates next year rather than leaving a payment due in December 2026.

Nakamoto will include the net value of its Bitcoin derivatives positions held in its pledged Kraken trading account as collateral, although the amendment sets limits.

Commenting on the development, Tyler Evans, Chief Investment Officer of Nakamoto, said,

“This amendment extends our runway and makes our collateral position more resilient. It gives us more flexibility to manage through Bitcoin price volatility so we can put our full attention on what we control: building our operating businesses and managing our Bitcoin holdings so that we can continue to grow through this market cycle. We are grateful to Kraken for being a supportive financing partner.”

$BTC Sales Helped Reduce Debt

Nakamoto initially took out $210 million in December 2025, before trimming its debt by $45 million in June. It raised roughly $48 million by selling Bitcoin and derivatives, using most of that cash to bring down what it owed.

By the end of September, the Bitcoin treasury firm had pledged 3,030 of its 4,283 $BTC holdings to Kraken as collateral, according to its latest quarterly report. Those coins were worth around $253 million at the time, when the crypto asset was trading near $83,500. At the current price of $69,334, their value has fallen to roughly $210 million. That’s still about 127% of the $165 million Nakamoto owes Kraken.