Connect with us

Bitcoin

Nakamoto Extends Kraken Loan as $165 Million Debt Tops Its Market Value

Published

on

Nakamoto Extends Kraken Loan as $165 Million Debt Tops Its Market Value

Key takeaways

  • Nakamoto extended the maturity of 60 million USDT of its 165 million USDT Kraken loan from Dec. 4, 2026, to Dec. 4, 2027, an SEC filing shows.
  • The debt now exceeds the company’s stock market value of about $104 million, according to CoinDesk.
  • Kraken will count the net value of Nakamoto’s bitcoin derivatives, such as put options, toward collateral tests.

Bitcoin treasury company Nakamoto (NAKA) has extended the maturity of 60 million USDT of its 165 million USDT loan from Kraken by one year to Dec. 4, 2027, according to an 8-K filing. The debt now exceeds the company’s stock market value of about $104 million, CoinDesk calculated.

The second amendment to the master loan agreement was signed on Nov. 11 by Nakamoto’s subsidiary, Nakamoto Holdings, and Payward Interactive, which does business as Kraken. The remaining 105 million USDT of the loan, issued in June 2026, still matures on June 30, 2027. That leaves Nakamoto with nothing to repay this year.

The loan is denominated in USDT, the dollar-pegged stablecoin issued by Tether, and backed by Nakamoto’s bitcoin. Nakamoto shares closed Thursday at $5.79, CoinDesk reported. The company, led by founder David Bailey, acquired BTC Inc and UTXO Management in February.

“This amendment extends our runway and makes our collateral position more resilient,” Tyler Evans, Nakamoto’s chief investment officer, said in a statement. The company disclosed the amendment in an 8-K filed with the SEC on Nov. 12.

How Thin the Cushion Is

Under the new terms, Kraken will count the net value of Nakamoto’s derivatives trading account toward collateral call and liquidation tests. Kraken calculates that value daily and treats it as zero if negative. The filing says this is meant to let protective positions, such as bitcoin put options, offset falls in collateral value.

The amendment also lets Nakamoto meet collateral calls by closing derivatives positions, with the proceeds paid straight into a collateral account. In return, Kraken can require its affiliate Payward Oceanic to close out all of those positions after a default or liquidation trigger, the filing shows.

Nakamoto’s quarterly report showed 3,030 of its 4,283 bitcoin pledged to Kraken at the end of September, worth about $253 million at the time, CoinDesk reported. With bitcoin under $69,000, those coins are worth roughly $208 million, about 126% of the debt, according to CoinDesk’s calculations.

If the collateral value falls below a set maintenance level, Nakamoto must repay part of the loan, pledge more bitcoin, or both. It has about 1,253 unpledged bitcoin left, worth roughly $86 million at current prices. At quarter-end, it also held put options on 2,000 bitcoin at a $55,000 strike that expire Dec. 25.

Those puts expire well before the loan comes due. Nakamoto had also sold call options on 2,150 bitcoin at strikes between $80,000 and $110,000, and its derivatives book was worth minus $6 million at quarter-end, an amount that would have counted as zero under the new terms.

Other bitcoin treasury companies face their own tests, including Strategy and Metaplanet’s removal from MSCI indexes. Bitcoin traded at $69,163 at 07:03 UTC on Nov. 13, down 5.97% in 24 hours, according to CoinGecko.

Bitcoin

Strategy Adds 1,036 Bitcoin as BNY Picks Figment for Institutional Staking

Published

on

Strategy Adds 1,036 Bitcoin as BNY Picks Figment for Institutional Staking

Key takeaways

  • Strategy bought 1,036 bitcoin for $81.9 million between Nov. 2 and Nov. 8, lifting its holdings to 850,364 BTC, according to an SEC filing dated Nov. 9.
  • The company paid an average of $79,012 per coin last week and has now spent $64.16 billion on its stack, at an average of $75,456.
  • On Nov. 12, Figment said it will provide validator infrastructure so eligible BNY Digital Asset Custody clients can stake supported assets, starting with ether, then Solana, The Block reported.

Strategy bought 1,036 bitcoin for $81.9 million last week, bringing its holdings to 850,364 BTC, according to a Nov. 9 filing with the U.S. Securities and Exchange Commission. Separately, BNY said it will use Figment’s validator infrastructure so eligible custody clients can stake supported crypto assets.

The Form 8-K covers the week from Nov. 2 to Nov. 8. Strategy paid an average of $79,012 per bitcoin, inclusive of fees and expenses. It said it has now paid $64.16 billion in total for its holdings, at an average price of $75,456 per coin. Cointelegraph reported that the stack is now about 4.05% of bitcoin’s 21 million supply cap.

The coins were funded with net proceeds from sales of class A common stock. Strategy sold 2,051,348 MSTR shares under its at-the-market program and raised $283.8 million, the filing shows. Of that, $81.9 million went to bitcoin, $188.3 million was used to repurchase 1,887,464 STRC preferred shares, and $13.6 million was allocated to USD Cash.

As of Nov. 8, Strategy’s USD Reserve stood at $4.77 billion and USD Cash at $146.2 million. The company used $21.1 million of the reserve during the week to pay dividends on its preferred stock. It still had $560.3 million available under its preferred repurchase program, $1.0 billion under its MSTR buyback authorization, and about $18.34 billion of MSTR still available under the ATM.

Executive Chairman Michael Saylor posted the update on X, Bitcoin Magazine reported: “Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets.”

Cointelegraph said that since the start of October, Strategy has spent about $1.06 billion buying back STRC, nearly five times the $219.7 million it spent on bitcoin. The latest purchase follows 811 BTC bought for $65.5 million the previous week.

The filing lands as bitcoin trades below Strategy’s $75,456 average cost. On Friday, bitcoin fell below $70,000, its lowest level since Aug. 20. The company has kept buying, though at a slower pace than in earlier periods when it resumed purchases after a 10-week pause.

BNY Taps Figment for Institutional Staking

On Thursday, Figment announced a collaboration with BNY to support staking on BNY’s Digital Asset Custody platform. Eligible asset managers, ETF issuers, corporates and wealth management firms will be able to stake supported digital assets already held in custody, Figment said. A Figment spokesperson told The Block that ether will be supported first, followed by Solana. The companies did not give a launch date.

“As institutional participation in staking grows, the focus is shifting from simply accessing staking to how it is delivered,” Ralf Roth, BNY’s head of digital asset custody, said in a statement. “Offering staking with Figment in a trusted custody framework can give institutions greater confidence in how they participate, while supporting the standards of security, oversight and accountability they expect from a global custodian.”

BNY launched its digital asset custody service in October 2022, initially accepting bitcoin and ether from select clients, The Block reported. Last month, BNY and Ripple expanded that custody agreement to cover XRP and RLUSD. The staking plan adds to a wider institutional push, including Visa’s decision to support Western Union’s USDPT stablecoin for VisaNet settlement.

Josh Deems, Figment’s head of revenue, said the firm is bringing its validator infrastructure to BNY’s existing platform and servicing workflows. Figment said it provides staking services to more than 1,500 institutions. The companies did not say how much client capital might be staked at launch.

Continue Reading

DeFi

DeFi4 days ago

Bitcoin Tests $75,200 Support

Total crypto market capitalization hovered near $2.50–2.54 trillion on November 9, 2026. Bitcoin dominance remained elevated at roughly 59–60%. The...

DeFi5 days ago

Bitcoin Slips Toward $74,600

Bitcoin traded in a tight range near $75,000–$76,000 for much of November 8 before settling lower, closing the CoinMarketCap snapshot...

DeFi1 week ago

Bitcoin Crashes Toward $75K

Bitcoin closed November 6 near $75,900 after an intense sell-off that pushed it as low as roughly $74,800 intraday—its weakest...

DeFi1 week ago

Crypto Market Stabilizes After Sharp Dip

Bitcoin recovered from multi-week lows near $75,200 and stabilized above $76,000 on November 6, 2026, as the market absorbed a...

DeFi1 week ago

Elizabeth Warren Expected to Chair Senate Banking Committee After Democratic Midterm Sweep

Longtime crypto critic Senator Elizabeth Warren is positioned to lead the powerful Senate Banking Committee when the new Congress convenes...

DeFi1 week ago

Bitcoin Dips to Multi-Week Lows Near $75,200 Before Recovering Above $76,000

Bitcoin briefly tumbled below $76,000 on November 6, 2026, reaching multi-week lows near $75,200 before buyers stepped in and the...

DeFi1 week ago

Bitcoin Rebounds Past $80,000 as Midterms Conclude and Markets Digest Binance Hack Details

Bitcoin staged a sharp V-shaped recovery on November 4, reclaiming $80,000 after briefly touching a seven-week low near $75,600–$75,700. The...

DeFi1 week ago

Bitcoin Volatility and ETF Outflows Amid Elections and Hack Fallout

Bitcoin experienced sharp swings in early November, dipping below $76,000 to multi-week lows near $75,700 as residual fallout from the...

DeFi2 weeks ago

Binance SAFU Fund Falls Below $800 Million Threshold After Record Hack Coverage

Binance has drawn down roughly half of its Secure Asset Fund for Users (SAFU), leaving the Bitcoin reserve near 7,500...

DeFi2 weeks ago

Bitcoin Falls Below $77,000 as Chip Stocks Sell Off Ahead of U.S. Midterms

Bitcoin traded under $77,000 on November 3, 2026, down roughly 2% over 24 hours, as a deepening sell-off in semiconductor...

Trending