Bitcoin treasury company Nakamoto extended the maturity of $60 million of its loan by one year as its 165 million USDT debt to Kraken exceeded its market value of approximately $104 million.
According to a company filing cited by CoinDesk, the maturity of the 60 million USDT due on December 4, 2026, was pushed back to December 4, 2027. The June 30, 2027, date for the remaining 105 million USDT was unchanged. As a result, no payments under the Kraken loan will come due this year.
Collateral value fell as Bitcoin declined
At the end of September, Nakamoto had pledged 3,030 of the 4,283 BTC it held as collateral to Kraken. According to CoinDesk’s calculations, with Bitcoin below $69,000 on Friday, the collateral was worth approximately $208 million, or 126% of the debt. If the collateral value falls below the minimum set in the agreement, Nakamoto will have to provide additional Bitcoin, repay part of the debt, or do both.
Under the new agreement, Kraken will also include the net value of Bitcoin derivatives positions Nakamoto has pledged as collateral in its daily collateral calculation. These positions include put options, which can gain value when Bitcoin falls. If the account’s net value is negative, it will count as zero toward the collateral.
Not investment advice.