Bitcoin treasury company Nakamoto owed Kraken 165 million USDT, according to a ChainCatcher report published on November 13, 2026. The reported debt exceeded Nakamoto’s approximately $104 million stock-market value. That comparison puts the borrowing in context, but market capitalization is not a measure of the company’s ability to repay it.
Under a loan amendment signed that week, the repayment deadline for 60 million USDT moved from December 4, 2026, to December 4, 2027. The remaining 105 million USDT was still due on June 30, 2027. As a result, the company had no loan repayment due in 2026 under the reported schedule.
Nakamoto’s quarterly report showed that, at the end of September, it held 4,283 BTC, of which 3,030 BTC was pledged to Kraken. That collateral was worth approximately $253 million at the prices used then. At the sub-$69,000 bitcoin price cited in the November report, its estimated value had fallen to about $208 million—roughly 126% of the outstanding loan.
The valuation question is therefore sensitive to bitcoin’s price and to the loan’s collateral requirements. If collateral value falls below the agreed maintenance level, Nakamoto must repay part of the loan or pledge additional bitcoin. The amendment also allows Kraken to include the net value of Nakamoto’s bitcoin derivatives account when calculating collateral requirements. The reported figures do not, by themselves, establish a value for Nakamoto’s shares.
Original report: ChainCatcher, November 13, 2026, 14:08 (UTC+8)