🚨 $BTC SHOCKING: NAKAMOTO OWES $165M AND THE ENTIRE COMPANY IS WORTH $104M
To me, this is the biggest story of the day: Nakamoto, David Bailey’s Bitcoin treasury company, owes Kraken $165 million... and the entire publicly traded company is worth just $104 million. In other words, it owes 1.6 times what it’s worth.
Here’s the detail nobody is paying attention to:
→ It bought its 4,283 BTC at an average price of $118,200, and with Bitcoin hovering around $67,000, it’s already down 43% on its cost basis; 3,030 of those coins, or 70%, are pledged to Kraken.
→ That cushion is shrinking fast: the pledged coins are worth about $208 million today, just 126% of the loan, and if BTC falls to $54,455, the collateral will no longer cover the debt.
→ It bought time, not forgiveness: it moved $60 million that was due on December 4 to December 4, 2027, but $105 million is due on June 30, 2027, and it pays 7.75% annual interest.
Do you think Nakamoto will make it to 2027, or will Kraken end up taking its Bitcoin? 👇
$BTC $NAKA
#Nakamoto #Kraken #Bitcoin
To me, this is the biggest story of the day: Nakamoto, David Bailey’s Bitcoin treasury company, owes Kraken $165 million... and the entire publicly traded company is worth just $104 million. In other words, it owes 1.6 times what it’s worth.
Here’s the detail nobody is paying attention to:
→ It bought its 4,283 BTC at an average price of $118,200, and with Bitcoin hovering around $67,000, it’s already down 43% on its cost basis; 3,030 of those coins, or 70%, are pledged to Kraken.
→ That cushion is shrinking fast: the pledged coins are worth about $208 million today, just 126% of the loan, and if BTC falls to $54,455, the collateral will no longer cover the debt.
→ It bought time, not forgiveness: it moved $60 million that was due on December 4 to December 4, 2027, but $105 million is due on June 30, 2027, and it pays 7.75% annual interest.
Do you think Nakamoto will make it to 2027, or will Kraken end up taking its Bitcoin? 👇
$BTC $NAKA
#Nakamoto #Kraken #Bitcoin
