David Bailey’s Nasdaq-listed Bitcoin company Nakamoto has postponed a $60 million USDT payment to Kraken by a year, eliminating scheduled loan principal due in 2026 while leaving its total outstanding debt unchanged at 165 million USDT. The November 11 amendment, disclosed to the SEC on Thursday, also changes how the exchange measures the derivatives used to protect the company’s Bitcoin collateral.
Nakamoto shares closed November 12 at $5.79, putting its equity market value at roughly $104 million, below the face value of the Kraken loan. That is a striking comparison, but not a solvency test: market capitalization values the residual claim of shareholders, while the company’s assets and liabilities determine its financial position.
The filing matters most for what it buys Nakamoto and what it does not. It removes the immediate $60 million maturity, yet leaves the company exposed to Bitcoin price moves, collateral calls and the two repayment dates in 2027. Borrowing costs also continue.
Two 2027 maturities replace the December payment
Nakamoto Holdings, the parent company’s wholly owned subsidiary, signed the second amendment with Kraken’s legal operator, Payward Interactive, on November 11. According to the company’s SEC Form 8-K, the amended repayment schedule is:
| Due date | Loan principal |
|---|---|
| December 4, 2026 | 0 USDT, down from 60 million |
| June 30, 2027 | 105 million USDT |
| December 4, 2027 | 60 million USDT |
| Total outstanding | 165 million USDT |
The facility originated in December 2025 and was restructured around 210 million USDT before Nakamoto repaid 45 million in June. That repayment was funded by selling approximately 600 Bitcoin and derivatives, which together generated about $48 million of proceeds. The latest agreement is different: it changes payment timing and collateral mechanics, not the principal owed.
Nakamoto’s September quarterly filing puts the annual loan fee at 7.75% while at least 2,000 BTC are held in a designated trading account, and 8% below that threshold. Applied to an unchanged 165 million USDT balance, those rates imply roughly $12.8 million to $13.2 million of annualized financing costs before other charges. A postponed maturity does not mean a payment-free year.
Bitcoin collateral cushion has thinned since September
At September 30, Nakamoto held 4,283 BTC, including 3,030 pledged to Kraken and 1,253 unencumbered coins. The pledged position was then worth about $253.2 million at the quarter-end Bitcoin reference price near $83,565, or approximately 153% of the loan’s principal.
Using $69,000 per Bitcoin as an illustrative November 13 reference, the same 3,030 BTC would be worth about $209.1 million. That is roughly 127% of the 165 million USDT principal, before adding any eligible derivatives value. The 1,253 unencumbered coins would be worth around $86.5 million at that same reference price. These calculations use September coin counts, not newly confirmed live balances.
| Illustrative BTC price | Value of 3,030 pledged BTC | Value / principal |
|---|---|---|
| $69,000 | $209.1 million | 127% |
| $60,000 | $181.8 million | 110% |
| $55,000 | $166.7 million | 101% |
| $50,000 | $151.5 million | 92% |
The table is a simple mark-to-market sensitivity exercise, not a forecast or a calculation of Kraken’s actual collateral triggers. The maintenance and liquidation ratios are seperate contractual thresholds. A margin call can come before the dollar value of pledged Bitcoin falls below the loan principal. The amended derivative treatment may also affect the lender’s test.
That makes Nakamoto different from Strategy’s Bitcoin capital-stack pressures, where the company’s disclosed senior debt is generally unsecured and price declines do not directly trigger liquidation of pledged treasury coins. Nakamoto has a specific collateral-maintenance obligation to Kraken. Trump Media’s pledged Bitcoin and wallet movements provide another example of why investors must distinguish crypto held outright from coins subject to financing restrictions.
Kraken can now credit options gains against margin calls
The second amendment adds rights under Nakamoto’s derivatives agreement with Kraken affiliate Payward Oceanic to the collateral package. Kraken can calculate the net positive amount payable to Nakamoto if those positions were closed and include that eligible value when testing collateral-call and liquidation levels. It can also take the value into account when deciding the size of a demand for additional collateral.
If the net derivatives position is negative, its eligible contribution is set at zero. Kraken values the positions daily, and the contract lists events in which they are excluded entirely. Crucially, the positive options value cannot be used to justify releasing otherwise pledged Bitcoin. Kraken also gains rights to direct the closing of those positions after certain default or liquidation events.
At the September reporting date, Nakamoto had sold calls on 2,150 BTC with strikes between $80,000 and $110,000 and purchased puts on 2,000 BTC at a $55,000 strike expiring December 25. It also owned calls covering 545 BTC. The total marked derivatives book was negative $6.449 million at quarter-end, which would have provided no positive addition under the new rule. The current value has not been disclosed.
Protective puts can become more valuable as Bitcoin falls, potentially softening the loss in collateral value. But those particular puts have a $55,000 strike and finite expiry, and the net book also contains written calls. It is not a fixed insurance payout equal to the difference between the current Bitcoin price and the loan. Which hedges remain in place in late 2026, and how Kraken marks them, will determine any relevent benefit.
The broader collateral problem is familiar from Bitcoin-backed loan products using overcollateralization: a borrowing arrangement can look comfortably secured at one coin price and require action after a decline, even without missing a scheduled payment. Nakamoto has more complex corporate hedges than a retail lending account, but the underlying sensitivity is similar.
Nakamoto reported $19.4 million of cash at September 30, in addition to its Bitcoin holdings and operating businesses. It has not reported a current collateral call or default, and the new amendment should not be read as proof that either has occurred. The immediate liquidity hurdle is now gone, but a much larger $105 million maturity arrives next June. The time extension is real. So is the remaining exposure to Bitcoin prices, financing costs and the terms of the loan.
Johan Shamshad is Editor-in-Chief at Dave Finances, covering financial markets, digital assets, trading platforms, brokers, fintech, payments and regulation. Since 2023, he has also worked as an editor at Gulf News, the UAE English-language newspaper published by Al Nisr Publishing LLC. His work focuses on market-moving developments, company disclosures, regulatory changes and trading infrastructure, with an emphasis on primary-source verification and practical context for traders and investors.