Nakamoto’s $165 Million Kraken Loan Teeters on Bitcoin Drop
By Damilola Esebame
AI summary of the source article
Nakamoto Holdings owes Kraken operator Payward Interactive $165 million in USDT backed by 3,030 Bitcoin. An amended loan agreement deferred a $60 million repayment to December 2027 as falling Bitcoin prices reduced the loan's collateral cushion.
Why it matters
The company warned in its quarterly report that "further Bitcoin declines could reduce available liquidity and impair its ability to meet financial obligations."
Key facts
- Nakamoto owes Payward Interactive 165 million USDT backed by 3,030 pledged Bitcoin, about 71% of its holdings.
- An amended agreement deferred a $60 million loan payment from December 2026 to December 2027, with the remaining 105 million USDT maturing in June 2027.
- Nakamoto's market capitalization dropped to approximately $106 million on November 12, roughly $59 million below its outstanding debt.
Source excerpt · FinanceFeeds
Nakamoto Holdings owes Kraken operator Payward Interactive $165 million in USDT, backed by 3,030 Bitcoin worth about $208.5 million at roughly $68,800 per coin. An amended loan agreement disclosed in a November 12 SEC 8-K filing pushed a $60 million repayment by one year. The collateral cushion has thinned to about 126% of the outstanding balance as Bitcoin slips below $70,000 for the first time s…