Hardware Ready Ready to Bench?
Nakamoto has postponed the maturity of a $60 million USDT loan to Kraken until December 2027
Nakamoto Inc. has amended its loan agreement with Kraken (Payward Interactive, Inc.), extending the maturity of a $60 million USDT tranche to December 4, 2027. The amendment, registered on November 11, aims to extend available corporate liquidity for current operations. Total outstanding debt to the exchange amounts to $165 million in USDT.
Why it matters
The transaction allows the public company to better manage cash flows while maintaining a collateral level above the remaining debt. A significant novelty concerns the coverage calculation methodology: Kraken will now include the net value of Nakamoto’s derivatives operations in margin call and liquidation tests. Tyler Evans, Chief Investment Officer at Nakamoto Inc., stated that this amendment makes the collateral position more resilient and extends the company’s operational duration.
The numbers
As of September 30, Nakamoto had pledged 3,030 bitcoin as collateral. The implied price per bitcoin, calculated on the ratio between total debt ($165 million) and cryptocurrency collateral, was approximately $54,455. Collateral coverage stood at 126% considering a bitcoin price of $68,494. The loan provides for an annual fee of 7.75% if the collateral in the Kraken wallet is equal to or greater than 2,000 bitcoin; it drops to 8.00% if the level is below this threshold. The maturity date for the remaining $105 million USDT remains fixed at June 30, 2027.
What remains unclear
The documents do not specify the exact coverage level that triggers a margin call or forced liquidation. No additional fee is indicated for the loan extension. Furthermore, updated data on the amount of bitcoin pledged and put options held after September 30 are missing, a period when there were 2,000 options with a strike price of $55,000 and expiration on December 25, 2026.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
* Content created with the assistance of artificial intelligence systems.