Bitcoin firm Nakamoto extends $165M loan as stock value falls below debt

David Bailey's Bitcoin treasury company Nakamoto has secured an extension on its $165 million loan from Kraken, pushing all remaining principal payments into 2027 as the company's stock market value falls below its outstanding debt. Nakamoto extended its Kraken loan maturities into 2027, eliminating scheduled principal repayments during 2026 entirely. Nakamoto owes Kraken 165 million USDT, exceeding its approximately $104 million stock market valuation Thursday. Nakamoto pledged 3,030 Bitcoin worth approximately $208 million at Friday's reference price near $68,800 per coin. Kraken will count eligible Bitcoin derivatives toward collateral requirements, with negative net values treated as zero. Nakamoto held 4,283 Bitcoin in September after selling cryptocurrency to reduce debt and support operations.

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