Nakamoto Inc. has extended the maturity of 60 million USDT in its outstanding Kraken borrowing by one year, according to documents filed with the U.S. Securities and Exchange Commission on November 12.
According to the company’s SEC Form 8-K filing, Nakamoto amended part of its 165 million USDT loan arrangement with Payward Interactive, which operates Kraken. The amendment moves the affected tranche’s due date from December 4, 2026, to December 4, 2027.
SEC Filing Details Revised Nakamoto Kraken Loan Terms
The Form 8-K states that the companies agreed the second amendment on November 11. Of the 165 million USDT outstanding principal, 105 million USDT remains scheduled to mature June 30, 2027.
As a result, the company says no scheduled principal is due under this loan during 2026. The change extends the repayment timetable; it does not extinguish any of the 165 million USDT principal.
In a press release included in the filing, Nakamoto presented the amendment as a change to its financing schedule.
Derivatives Positions May Now Support The Loan Collateral
The amended documents also allow the net value of eligible Bitcoin derivatives positions held in a pledged Kraken trading account to be included in the value of collateral, subject to specified limitations.
That provision could affect how borrowing coverage is calculated, but it should not be interpreted as evidence that collateral levels have increased or that repayment obligations have been reduced.
Nakamoto’s latest quarterly report described loan terms requiring the company to maintain sufficient collateral. If the value of pledged assets falls below the maintenance threshold, additional Bitcoin or partial repayment may be needed. A lower liquidation threshold can trigger an event of default and potential collateral sale.
The filing lists 3,030 Bitcoin pledged to Kraken as of September 30, 2026, after the company reduced collateral by 775 Bitcoin during the third quarter. That is a historical balance and not a verified November 13 count.
Bitcoin Price Decline Raises Corporate Treasury Financing Questions
The amendment has taken on added relevance with Bitcoin trading below $69,000 in early Friday trading. Lower Bitcoin prices can reduce the dollar value of pledged collateral, although the filing does not say that the latest sell-off caused the amendment.
Previous terms disclosed a financing fee of 7.75% or 8.00% annually, depending on the amount of Bitcoin held in a designated trading wallet. The borrowing also remains exposed to contractual collateral requirements.
For more context, BlockBriefing’s guide to crypto treasury companies explains how balance sheets can be affected by price volatility, debt and asset concentration.
The immediate verified development is a one-year extension for the 60 million USDT tranche. Investors will still need to watch the remaining debt, the pledged collateral and further disclosures for changes in liquidity or repayment risk.
