Kraken extends $60M Nakamoto loan to December 2027

Nakamoto Inc. has just made its 2026 calendar a lot less stressful. The Bitcoin-focused company amended its loan agreement with Kraken, pushing the maturity of $60 million in loan principal from December 4, 2026, to December 4, 2027.

The result is that Nakamoto now has no scheduled principal maturities in 2026. For a company whose balance sheet is tied to one of the most volatile assets on the planet, a year without a principal payment due is a meaningful cushion.

The change was disclosed in an 8-K filing and an accompanying press release from Nakamoto, which trades on the Nasdaq under the ticker NAKA. The lender is Payward Interactive, Inc., the formal corporate name behind the Kraken exchange.

What changed in the Kraken credit facility

The amendment was signed on November 12, 2026. It reshapes the repayment timeline on a facility that currently totals $165 million, denominated in USDT, the dollar-pegged stablecoin issued by Tether.

That $165 million now splits into two pieces. One tranche of $105 million is due on June 30, 2027. The other is the $60 million tranche, now due on December 4, 2027.

The amendment also widens the pool of assets that can back the loan. Collateral can now include the net value of Bitcoin derivatives positions that Nakamoto holds under trading agreements with Payward Oceanic Ltd., another entity in the Kraken corporate family.

Chief Investment Officer Tyler Evans framed the amendment as a boost to the company’s financial flexibility and its resilience against market volatility. He said it allows Nakamoto to stay focused on its core operations and its Bitcoin holdings.

How the loan got here

The Kraken loan dates back to late 2025. It was structured as fixed-term borrowing carrying an 8% annual fee.

At launch, the facility totaled $210 million in USDT. It was backed by Bitcoin collateral with a minimum value of $323.4 million, meaning the pledged Bitcoin was worth more than one and a half times the size of the facility.

The facility was later adjusted down from $210 million to the current $165 million in USDT. The latest amendment does not change that total. It rearranges when the money is due and what can be used to secure it.

Nakamoto describes itself as operating Bitcoin-driven businesses across various sectors. Borrowing against Bitcoin, rather than selling it, lets a company like this raise cash while keeping its exposure to the asset intact.

What this means for Nakamoto and its lender

The most immediate effect is on refinancing risk. Before the amendment, Nakamoto faced a $60 million principal maturity in December 2026. That obligation is now gone from the current year, and the company has roughly a full extra year to plan for it.

The calendar for 2027 now carries the full $165 million in principal, with $105 million due at the end of June and $60 million due in early December.

The derivatives collateral provision also deserves attention. Counting the net value of Bitcoin derivatives positions with Payward Oceanic Ltd. ties more of Nakamoto’s trading activity to its debt arrangement.

From Kraken’s side, the deal deepens a financing relationship with a public company built around Bitcoin. The lender, the collateral custodian relationship, and the derivatives counterparty all sit within the same corporate family.

The key dates to watch are June 30, 2027, and December 4, 2027, along with how the value of its Bitcoin and derivatives collateral holds up between now and then.