Nakamoto Inc. (NAKA) is a bitcoin treasury company, a public company holding bitcoin as a core asset, and has borrowed against it. When bitcoin falls, pledged coins cover less of a loan, and a lender can demand more coins or a partial repayment (a collateral call) or sell the coins.
On Thursday, Nakamoto disclosed in an 8-K, a filing that reports a major company event, that it amended that loan on Nov. 11. The lender is Payward Interactive, Inc., which does business as Kraken. The loan is in USDT, Tether’s dollar-pegged stablecoin, not dollars.
The change moves 60 million USDT of the 165 million USDT outstanding from Dec. 4, 2026, to Dec. 4, 2027. The other 105 million USDT stays due June 30, 2027, leaving no principal due this year. The loan carries a 7.75% annual fee while Nakamoto’s subsidiary keeps at least 2,000 bitcoin in a designated Kraken trading wallet, and 8.00% below that, according to its quarterly report.
Kraken now credits the net value of Nakamoto’s derivatives trades with Payward Oceanic Ltd., valued daily by Kraken and never below zero, when it tests for collateral calls and liquidation. The filing cites bitcoin put options, contracts that pay out if the price drops below a set level, the strike, as an example. As of Sept. 30, Nakamoto held puts on 2,000 bitcoin with a $55,000 strike, expiring Dec. 25, 2026.
“This amendment extends our runway and makes our collateral position more resilient,” Chief Investment Officer Tyler Evans said in a press release.
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Unchained’s Math
Treating 1 USDT as $1, the 3,030 bitcoin Nakamoto had pledged as of Sept. 30 equal the loan at about $54,455 per bitcoin (165 million divided by 3,030), just under the put strike. Bitcoin fell below $70,000 this week. At $68,494, Coinbase’s bitcoin spot price at 12:24 p.m. ET Friday, they were worth about $207.5 million, a collateral coverage (coin value divided by debt) of about 126%.
Nakamoto’s market value was about $93.6 million (18,346,473 shares at $5.10, Yahoo Finance’s price at 12:09 p.m. ET Friday).
The filings name no coverage level that triggers a collateral call or liquidation and no extension fee, and give no pledged-coin or put figures after Sept. 30.
A Bitcoin-Driven Quarter
Like Twenty One Capital, which traced its quarterly profit to bitcoin, Nakamoto reported third-quarter net income of $85.5 million, driven by a $110.4 million gain as bitcoin rose to $83,565 by Sept. 30. Operating revenue was negative $1.9 million: its businesses brought in $3.9 million, while its derivatives lost $5.8 million as the rally cut their value. Its nine-month net loss was $286.2 million.
In March, Nakamoto sold 284 bitcoin at a 40% loss to fund operations.
Related Listen: Bits + Bips: Why Bitcoin’s Lack of Yield Keeps Straining Its Treasury Companies
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