Nakamoto reporte à 2027 un remboursement de 60 millions de dollars adossé au Bitcoin (BTC) auprès de Kraken

Crypto News and Tradfi News - COINOTAG · 2026-11-13T07:06:59.000Z

• L’avenant conclu le 12 novembre entre Nakamoto et Kraken reporte un paiement de 60 millions d’USDT au 4 décembre 2027. • Nakamoto doit 165 millions d’USDT à Kraken, soit davantage que sa capitalisation boursière d’environ 104 millions de dollars. • Les 3 030 BTC mis en garantie valent environ 208,5 millions de dollars, au cours proche de 68 800 dollars, soit environ 126 % du principal. Nakamoto modifie les conditions de son prêt auprès de Kraken La société de trésorerie Bitcoin de David Bailey, Nakamoto, a reporté à 2027 tous les remboursements de principal restants sur son prêt de 165 millions de dollars auprès de Kraken, aux termes d’un avenant signé mercredi et divulgué dans un formulaire 8-K déposé auprès de la Securities and Exchange Commission (SEC) des États-Unis le 12 novembre. La société cotée au Nasdaq sous le symbole NAKA doit 165 millions d’USDT, le stablecoin indexé sur le dollar émis par Tether, à Payward Interactive, la filiale qui exploite la plateforme d’échange de cryptomonnaies Kraken. Le financement est porté par sa filiale Nakamoto Holdings. Selon le nouvel échéancier, la tranche de 60 millions d’USDT initialement due le 4 décembre 2026 arrive désormais à échéance le 4 décembre 2027, tandis que les 105 millions d’USDT restants sont dus le 30 juin 2027. La société n’a plus aucun remboursement de principal prévu en 2026.

• Nakamoto's November 12 amendment with Kraken defers a 60 million USDT payment to December 4, 2027.
• Nakamoto owes Kraken 165 million USDT, more than its roughly $104 million stock market value.
• The pledged 3,030 BTC is worth about $208.5 million near $68,800, roughly 126% of principal.
Nakamoto Amends Kraken Loan Terms
David Bailey's Bitcoin treasury company Nakamoto has pushed every remaining principal payment on its $165 million Kraken loan into 2027, under an amendment signed Wednesday and disclosed in an 8-K filing with the U.S. Securities and Exchange Commission (SEC) on November 12. The Nasdaq-listed firm, trading as NAKA, owes 165 million USDT, the dollar-pegged stablecoin issued by Tether, to Payward Interactive, the subsidiary that operates the crypto exchange Kraken. The financing sits at subsidiary Nakamoto Holdings. Under the revised schedule, the 60 million USDT installment originally due December 4, 2026 now matures on December 4, 2027, while the remaining 105 million USDT falls due June 30, 2027. The company has no scheduled principal repayments left in 2026.
The timing matters because the Bitcoin (BTC) price has slid below $69,000, and Nakamoto's equity is now worth less than what it owes. Shares closed Thursday at $5.79, a market capitalization of roughly $104 million against 165 million USDT of debt. The facility dates to December 2025, when it stood at 210 million USDT and carried an 8% annual rate. Nakamoto has chipped away at it through asset sales: 284 BTC sold in March to fund operations, then roughly 600 BTC plus certain derivatives in the second quarter, a disposal that generated about $48 million in net proceeds and cut the balance by 45 million USDT. Nearly 71% of the company's Bitcoin was pledged to Kraken at the end of September.
Chief Investment Officer Tyler Evans said the revised terms give management more time to manage its obligations. “This amendment extends our runway and makes our collateral position more resilient,” Evans said in a company statement, adding that the arrangement should bring flexibility through market fluctuations while the firm concentrates on its operating businesses in financial services, asset management and Bitcoin media through BTC Inc. and UTXO Management.
Collateral Cushion at 126% of Principal
The quarterly filing for the period ended September 30 shows Nakamoto held 4,283 BTC, of which 3,030 were pledged against the Kraken loan. Those coins carried a reported value of approximately $253.2 million when Bitcoin traded near $83,565 at quarter-end. At Friday's reference price close to $68,800, the same 3,030 BTC is worth roughly $208.5 million, about 126% of the outstanding 165 million USDT principal. Nakamoto's aggregate acquisition cost was $506.3 million, or approximately $118,200 per coin, against a reported fair value of $357.9 million at September 30.
The amendment also changes how the lender measures collateral. Kraken will include the net value of Nakamoto's Bitcoin derivatives positions in its daily maintenance and liquidation calculations, with any negative net value counted as zero. The book at quarter-end contained protective put options on 2,000 BTC with a $55,000 strike price expiring December 25, alongside written call options on 2,150 BTC at strikes ranging from $80,000 to $110,000, contracts that collected premiums in exchange for capping gains on the covered coins. The combined positions carried a net liability of approximately $6.45 million at September 30, which would have contributed nothing under the amended calculation. Nakamoto said the structure could let protective options offset losses on pledged Bitcoin before new collateral is required.
Outside the collateral arrangement, the company retains 1,253 BTC, worth about $86.2 million at Friday's reference price, that it can post if the cushion erodes. The filing warns that a fall below the maintenance threshold would force partial repayment, additional Bitcoin collateral, or both, and that a further decline below the contractual liquidation threshold could constitute an event of default allowing Kraken to sell the pledged coins. Liquidity is tight: cash and cash equivalents stood at $19.4 million at September 30, while operating activities consumed $36.8 million during the first nine months of 2026, compared with $15.9 million in the corresponding period of 2025.
Options Expire Before the Debt Comes Due
The amendment clears the December repayment overhang, but the arithmetic behind it stays uncomfortable. Bitcoin slid 6.5% over the past 24 hours after losing the $70,000 level, and at $68,800 the pledged stack sits at roughly 126% of principal, a cushion that shrinks with every leg lower toward the maintenance threshold. The protective puts at $55,000 expire December 25, weeks before the earliest maturity, so they hedge only a sharp near-term tail rather than the life of the loan. In a bear market that has taken the price from $83,565 at quarter-end to the high $68,000s, Nakamoto's real buffer is the 1,253 unpledged BTC, and even that leaves little room if the slide continues into 2027.