Bitcoin treasury firm Nakamoto reported $165 million in USDT debt to Kraken, exceeding its roughly $92 million market value as of November 14, 2026. The company amended the loan so that 105 million USDT matures on June 30, 2027, and 60 million USDT on December 4, 2027, with no principal due in 2026.
The loan is backed by Nakamoto’s bitcoin holdings. The source says a further fall in bitcoin’s price could require the company to repay part of the loan or pledge more bitcoin; it reports that 3,030 of its 4,283 bitcoin are already pledged. Nakamoto also announced Intelligence 2027, a planned artificial intelligence event, as it seeks revenue beyond its bitcoin holdings.
