Nakamoto pushes $60 million of its $165 million Kraken debt to December 2027, as the bitcoin firm's stock market value sits below what it owes

Nakamoto, the bitcoin-holding company that owns Bitcoin Magazine's parent BTC Inc, has bought itself another year on part of its debt to Kraken. The company said on Thursday that 60 million USDT of the 165 million USDT it owes, which was due on December 4, 2026, now matures on December 4, 2027. The remaining 105 million USDT is still due on June 30, 2027, so no principal falls due this year.

Under the amendment, the net value of Nakamoto's bitcoin derivatives positions held in a pledged account at Kraken now counts toward collateral, though never below zero and subject to limits. "This amendment extends our runway and makes our collateral position more resilient," said Tyler Evans, its chief investment officer.

The breathing room comes as bitcoin slides and the company's market value sits below its debt. Nakamoto shares closed Thursday at $5.79, CoinDesk reported, valuing the company at about $104 million, less than the loan. CoinDesk calculated that the 3,030 bitcoin pledged to Kraken as of the end of September were worth about $208 million with bitcoin below $69,000, around 126% of the debt, and that Nakamoto then held about 1,253 more coins it could post.

The company warned that further bitcoin declines could force it to repay the loan or add collateral, or lead to a default and the sale of its pledged coins.