A bitcoin treasury company now owes more than the market says it's worth.
Nakamoto ($NAKA, David Bailey's firm) owes Kraken 165M USDT. Its market cap: about $104M after Thursday's $5.79 close (-7.4%).
The loan is backed only by bitcoin: 3,030 of its 4,283 $BTC were pledged at end of September (10-Q).
Good news for them: a new amendment (8-K) pushes 60M USDT from Dec 2026 to Dec 2027. Nothing due this year. Kraken will also count its BTC put options as collateral.
The catch: at under $69K, the pledged coins cover the loan by about 126% (CoinDesk math). $BTC $68,573 (-6.8% 24h) on Binance at 15:20 ICT.
Is the "buy BTC with debt" treasury model running out of road, or is this just one company that bought the top?
Nakamoto ($NAKA, David Bailey's firm) owes Kraken 165M USDT. Its market cap: about $104M after Thursday's $5.79 close (-7.4%).
The loan is backed only by bitcoin: 3,030 of its 4,283 $BTC were pledged at end of September (10-Q).
Good news for them: a new amendment (8-K) pushes 60M USDT from Dec 2026 to Dec 2027. Nothing due this year. Kraken will also count its BTC put options as collateral.
The catch: at under $69K, the pledged coins cover the loan by about 126% (CoinDesk math). $BTC $68,573 (-6.8% 24h) on Binance at 15:20 ICT.
Is the "buy BTC with debt" treasury model running out of road, or is this just one company that bought the top?
