Nakamoto Holdings has pushed back the repayment schedule for its 165 million USDT loan facility with Kraken operator Payward Interactive to 2027. The agreement reached by David Bailey’s Bitcoin treasury firm comes after Bitcoin’s price slipped below $69,000. That price decline pressured Nakamoto’s stock market valuation below its total outstanding debt.
The new agreement relieves Nakamoto of principal repayment obligations for the remainder of 2026, although the collateral burden backing the loan facility remains unchanged.
New Repayment Schedule for 165 Million USDT
Under the credit amendment, a 60 million USDT principal payment previously due on December 4, 2026, has been deferred to December 4, 2027. Meanwhile, the remaining 105 million USDT in principal is set to mature on June 30, 2027. The restructuring provides breathing room for the company’s cash flow without any obligation to pay principal throughout the rest of 2026.
Nakamoto’s initial debt stood at 210 million USDT when the facility opened in December 2025. The company had previously reduced the principal by 45 million USDT in June 2026 by unwinding Bitcoin reserves and derivative instruments. However, weakening market prices once again narrowed the collateral ratio and pressured the company’s financial standing.
How Much of the Reserves Are Locked at Kraken?
Data as of September 30, 2026, shows Nakamoto holds a total of 4,283 BTC. Of that total, nearly 71% or 3,030 BTC is pledged to Kraken as debt collateral. The 3,030 BTC in pledged assets was previously worth approximately $253.2 million when Bitcoin stood at $83,565, but its value has shrunk following the market price drop. Beyond that collateral, Nakamoto’s remaining unencumbered reserves total 1,253 BTC, valued at around $86.2 million.
Kraken granted additional flexibility to cushion collateral pressures. The exchange operator allows the net value of Nakamoto’s Bitcoin derivative option positions to be counted directly toward collateral margin thresholds and daily liquidation limits.
Derivative Portfolio Buffering the Liquidation Threshold
As of the third quarter, Nakamoto’s derivative portfolio includes 2,000 BTC in put options with a $55,000 strike price expiring on December 25. Additionally, Nakamoto holds 2,150 BTC in written call option positions with strike prices ranging between $80,000 and $110,000. These derivative instruments leave a net liability of $6.45 million.
Nakamoto Chief Investment Officer Tyler Evans stated that the loan restructuring extends the company’s operational runway while strengthening collateral resilience against Bitcoin market fluctuations. The payment relief eliminates principal installments until mid-2027, but with 71% of its Bitcoin reserves locked as collateral, Nakamoto’s position remains directly tied to the asset’s market price.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
