Bitcoin treasury company Nakamoto reportedly owes Kraken approximately $165 million in loans

Odaily reports: Bitcoin treasury company Nakamoto currently owes crypto exchange Kraken 165 million USDT, with its debt exceeding its stock market capitalization of approximately $104 million. According to a loan amendment agreement signed by both parties on Wednesday, the repayment deadline for 60 million USDT originally due on December 4 has been extended to December 4, 2027, while the remaining 105 million USDT will still mature on June 30, 2027, meaning the company will not need to repay the loan this year.

Nakamoto's quarterly report shows that as of the end of September, 3,030 of the 4,283 BTC held by the company had been pledged to Kraken, valued at approximately $253 million at prices at the time. At Bitcoin's current price below $69,000, this collateral is worth approximately $208 million, equivalent to only 126% of the outstanding loan. If the collateral value falls below the agreed maintenance level, the company will need to repay part of the loan or add more Bitcoin collateral. The new agreement also allows Kraken to include the net value of Nakamoto's Bitcoin derivatives account in the calculation of collateral requirements. (CoinDesk)