Nakamoto Inc. has made its 2026 calendar less stressful. The Bitcoin-focused company amended its loan agreement with Kraken, moving the maturity date for $60 million in principal from December 4, 2026, to December 4, 2027.
As a result, Nakamoto has no scheduled principal maturities in 2026. For a company whose balance sheet is tied to one of the world’s most volatile assets, a year without a principal payment due provides a meaningful cushion.
Nakamoto disclosed the change in an 8-K filing and an accompanying press release. The company trades on Nasdaq under the ticker NAKA. The lender is Payward Interactive, Inc., the formal corporate name behind the Kraken exchange.
What changed in the Kraken credit facility
The amendment was signed on November 12, 2026. It changes the repayment schedule for a facility that currently totals $165 million, denominated in $USDT, the dollar-pegged stablecoin issued by Tether.
The $165 million is now split into two tranches. One, worth $105 million, is due on June 30, 2027. The other, worth $60 million, is due on December 4, 2027.
The amendment also expands the assets that can secure the loan. Collateral may now include the net value of Bitcoin derivatives positions Nakamoto holds under trading agreements with Payward Oceanic Ltd., another company in the Kraken corporate family.
Chief Investment Officer Tyler Evans described the amendment as enhancing the company’s financial flexibility and resilience to market volatility. He said it allows Nakamoto to remain focused on its core operations and Bitcoin holdings.
How the loan got here
The Kraken loan dates to late 2025. It was structured as fixed-term borrowing with an annual fee of 8%.
When launched, the facility totaled $210 million in $USDT. It was secured by Bitcoin collateral with a minimum value of $323.4 million, meaning the pledged Bitcoin was worth more than one and a half times the facility’s size.
The facility was later reduced from $210 million to its current $165 million in $USDT. The latest amendment leaves the total unchanged, instead changing when the money is due and which assets can secure it.
Nakamoto says it operates Bitcoin-driven businesses across various sectors. Borrowing against Bitcoin instead of selling it allows a company like Nakamoto to raise cash while maintaining its exposure to the asset.
What this means for Nakamoto and its lender
The most immediate effect is on refinancing risk. Before the amendment, Nakamoto faced a $60 million principal maturity in December 2026. That payment is no longer due in the current year, giving the company roughly a full extra year to plan for it.
In 2027, the full $165 million in principal is due: $105 million at the end of June and $60 million in early December.
The provision for derivatives collateral also merits attention. Including the net value of Bitcoin derivatives positions with Payward Oceanic Ltd. links more of Nakamoto’s trading activity to its debt arrangement.
For Kraken, the deal deepens a financing relationship with a public company built around Bitcoin. The lender, collateral custodian relationship and derivatives counterparty are all within the same corporate family.
Key dates to watch are June 30, 2027, and December 4, 2027, as well as how the value of Nakamoto’s Bitcoin and derivatives collateral holds up between now and then.
