Nakamoto Inc. Extends $165M USDT Loan Maturity with Kraken to Boost Financial Flexibility

Nakamoto Inc. has restructured its debt obligations with Kraken, extending the maturity of a significant portion of its 165 million USDT loan into late 2027. By pushing back repayment dates and expanding collateral to include Bitcoin derivatives, the firm is positioning itself to navigate market volatility without the pressure of principal repayments throughout 2026.

What was announced

Nakamoto Holdings Inc., a wholly owned subsidiary of Nakamoto Inc., has amended its existing loan agreement with Payward Interactive, Inc., the entity operating as Kraken. The primary modification involves extending the maturity of 60 million USDT of the 165 million USDT total outstanding principal. This portion of the debt, previously due on December 4, 2026, will now mature on December 4, 2027.

Following this amendment, the company’s debt schedule has been significantly altered. A balance of 105 million USDT is scheduled to mature on June 30, 2027, while the newly extended 60 million USDT matures in December of that same year. Consequently, Nakamoto Inc. has no principal payments scheduled for the duration of 2026. The amendment also introduces a shift in how the loan is secured. The net value of Bitcoin derivatives positions held by the company in its pledged trading account with Kraken will now be included as collateral, provided the value is not less than zero. This inclusion of derivatives as a security measure is subject to specific limitations and conditions detailed within the amended agreement. The restructuring is intended to provide the company with a more resilient collateral position and greater flexibility to manage its Bitcoin holdings through various market cycles.

"This amendment extends our runway and makes our collateral position more resilient. It gives us more flexibility to manage through Bitcoin price volatility so we can put our full attention on what we control: building our operating businesses and managing our Bitcoin holdings so that we can continue to grow through this market cycle,"

Tyler Evans, Chief Investment Officer of Nakamoto.

The companies involved

Nakamoto Inc., which trades on the NASDAQ under the ticker NAKA, is a Bitcoin-focused holding company that manages a global portfolio of enterprises. Its operations are divided into three primary segments: media and information services, asset management and financial services, and consulting and advisory services. The company is the parent of BTC Inc, a major media entity responsible for Bitcoin Magazine, The Bitcoin Conference, and the Bitcoin for Corporations initiative. It also operates UTXO Management, an asset manager dedicated to Bitcoin-native investments in both public and private markets.

Kraken, the counterparty in the loan agreement, is a prominent digital asset exchange owned and operated by Payward. Since its founding, Kraken has become a central fixture in the cryptocurrency market, providing trading, staking, and institutional financing services. The firm has a long history of providing liquidity and credit facilities to institutional players within the digital asset ecosystem. Payward continues to expand Kraken’s reach globally, maintaining a significant presence in the institutional lending and derivatives space while navigating complex regulatory environments across multiple jurisdictions.

What FF News has reported before

While this marks the first report on Nakamoto Inc., FF News has extensively covered the strategic moves of Kraken and its parent company, Payward. Recent reporting includes Payward’s xStocks Framework Expands to UK and European Markets with GTN Partnership, which detailed the firm's expansion into tokenized assets. Kraken’s role in institutional finance was further highlighted when Societe Generale-FORGE Lists EUR CoinVertible on Kraken for Institutional Crypto Trading. Additionally, the exchange has integrated with decentralized finance protocols, as seen in Firelight Integrates with Kraken DeFi Earn to Provide Built-in Protection for USDC Vaults. The company’s global regulatory efforts were also noted when Payward Secures In-Principle Approval for Digital Asset Operations in Kazakhstan.

What this means

This debt restructuring highlights a maturing relationship between crypto-native lenders and institutional borrowers. By allowing derivatives to serve as collateral, Kraken is acknowledging the sophisticated hedging strategies now common among Bitcoin-heavy enterprises. For the broader industry, this move signals a shift away from rigid, short-term lending toward more flexible, long-term credit facilities that account for the inherent volatility of digital assets. It puts pressure on other crypto-native lenders to offer similar flexibility or risk losing institutional clients to exchanges that can provide integrated trading and financing solutions. The primary question remaining for the sector is how these expanded collateral definitions will hold up during periods of extreme market drawdowns.