Nakamoto Inc., the Nasdaq-listed Bitcoin treasury company, has amended its credit facility with Kraken to defer a $60 million repayment by one year. The change eliminates any scheduled principal payments on the facility for the remainder of 2026 and comes as the value of its Bitcoin collateral has declined with the broader market.

According to a securities filing, the amendment was signed on November 11 and disclosed the following day. The outstanding principal remains 165 million USDT. Under the revised terms, 105 million USDT is due on June 30, 2027, and the previously scheduled December 4, 2026, tranche of 60 million USDT now matures on December 4, 2027.

Evans said the revised arrangement gives management greater flexibility to navigate Bitcoin price volatility while concentrating on operating businesses and managing the company’s cryptocurrency holdings.

Debt Exceeds Market Value

Nakamoto’s shares closed at $5.79 on the day of the disclosure, placing the company’s market capitalization near $104 million. The $165 million obligation to Kraken therefore exceeds the firm’s equity market value. The loan is denominated in USDT and backed by Bitcoin held as collateral.

As of September 30, Nakamoto reported holding 4,283 Bitcoin, of which 3,030 were pledged to Kraken. At that time, with Bitcoin near $83,500, the pledged coins were valued at approximately $253 million. At prices near $68,800 to $69,000 in mid-November, the same holdings were worth roughly $208 million, or about 126 percent of the outstanding principal. The remaining 1,253 Bitcoin were unencumbered and valued near $86 million at those levels.

The company acquired its Bitcoin at an average cost of about $118,200 per coin. The September fair value of the full holdings stood at $357.9 million against a total acquisition cost of $506.3 million.

Collateral Terms and Derivatives Adjustment

The amendment introduces a change in how collateral coverage is calculated. Kraken may now include the positive net value of certain Bitcoin derivatives positions held in Nakamoto’s pledged trading account when testing maintenance and liquidation thresholds. Negative net values are treated as zero. The calculation is performed daily and remains subject to contractual limits.

At the end of September, Nakamoto held put options covering 2,000 Bitcoin with a $55,000 strike expiring in late December, along with written call options on 2,150 Bitcoin at strikes between $80,000 and $110,000. The net derivatives position carried a liability of approximately $6.45 million at quarter-end, which would have contributed nothing under the new counting rules.

If collateral coverage falls below the maintenance threshold, Nakamoto must either repay part of the debt, pledge additional Bitcoin, or both, typically within 48 hours of notice. A separate liquidation threshold can allow Kraken to sell pledged assets without prior notice.

Prior Debt Reduction and Cash Position

The facility originally totaled 210 million USDT when established in December 2025. In June, Nakamoto repaid 45 million USDT after selling roughly 600 Bitcoin and certain derivatives positions, generating about $48 million in net proceeds. An earlier sale of 284 Bitcoin occurred in the first quarter.

Cash and cash equivalents stood at $19.4 million on September 30. Operating activities used $36.8 million in cash during the first nine months of 2026. The annual loan fee is 7.75 percent when at least 2,000 Bitcoin remain in the designated trading wallet and rises to 8 percent if holdings fall below that level.

Nakamoto has previously responded to collateral pressure by pledging additional Bitcoin, including 688 coins earlier in the year. The latest amendment removes near-term principal deadlines but leaves the company exposed to further declines in Bitcoin prices that could require additional collateral or partial repayment before the 2027 maturities.