Nakamoto Inc. amended a loan with Payward Interactive, Inc., which does business as Kraken, on Nov. 11. The amendment moves 60 million USDT of the 165 million USDT outstanding from Dec. 4, 2026, to Dec. 4, 2027. The remaining 105 million USDT stays due June 30, 2027. This change means the bitcoin treasury company has no principal due this year.
Collateral shifts and loan terms
Kraken now credits the net value of Nakamoto’s derivatives trades with Payward Oceanic Ltd. when it tests for collateral calls or liquidation. These values are calculated daily and never fall below zero. For example, Nakamoto held puts on 2,000 bitcoin with a $55,000 strike as of Sept. 30. Chief Investment Officer Tyler Evans said, "This amendment extends our runway and makes our collateral position more resilient."
| Loan Detail | Value/Rate |
|---|---|
| Total Outstanding | 165 million USDT |
| Annual Fee | 7.75% |
| Minimum Bitcoin in Wallet | 2,000 BTC |
| Fee below 2,000 BTC | 8.00% |
The 3,030 bitcoin Nakamoto pledged as of Sept. 30 equals the loan at about $54,455 per bitcoin. This sits just under the $55,000 put strike. Bitcoin fell below $70,000 this week, and at a Coinbase price of $68,494 on Friday, the pledged coins were worth about $207.5 million. This provides a collateral coverage of about 126%.
Financial performance and losses
Nakamoto reported third-quarter net income of $85.5 million because a $110.4 million gain occurred as bitcoin rose to $83,565 by Sept. 30. However, operating revenue was negative $1.9 million because derivatives lost $5.8 million during the rally. The nine-month net loss reached $286.2 million. Earlier this year, Nakamoto sold 284 bitcoin at a 40% loss to fund operations.
