💥 IT OWES 165 MILLION AND THE COMPANY IS WORTH 104 😱
Look what happened with Nakamoto, David Bailey’s company that focuses on accumulating Bitcoin: it owes Kraken 165 million USDT (a stablecoin worth the same as one dollar), and the whole company is worth about 104 million on the stock market. In other words, it owes more than it’s worth.
It managed to defer its payments until 2027 and doesn’t have to pay anything this year, but 3,030 of its 4,283 Bitcoin are collateral, and if the price keeps falling, Kraken could ask for more.
I think this is a warning to all companies that borrow money to buy Bitcoin: debt doesn’t forgive when the price falls.
Do you think these companies buying Bitcoin with borrowed money will hold up, or is a wave of trouble coming? $BTC #Bitcoin
Look what happened with Nakamoto, David Bailey’s company that focuses on accumulating Bitcoin: it owes Kraken 165 million USDT (a stablecoin worth the same as one dollar), and the whole company is worth about 104 million on the stock market. In other words, it owes more than it’s worth.
It managed to defer its payments until 2027 and doesn’t have to pay anything this year, but 3,030 of its 4,283 Bitcoin are collateral, and if the price keeps falling, Kraken could ask for more.
I think this is a warning to all companies that borrow money to buy Bitcoin: debt doesn’t forgive when the price falls.
Do you think these companies buying Bitcoin with borrowed money will hold up, or is a wave of trouble coming? $BTC #Bitcoin
