Bitcoin reserve company Nakamoto owes Kraken 165 million USDT.

on November 13, according to CoinDesk, Bitcoin reserve company Nakamoto owes Kraken 165 million USDT, a debt exceeding its Thursday closing market cap of approximately $104 million.

Under the revised agreement, the 60 million USDT originally due on December 4 this year has been extended to December 4, 2027, while the remaining 105 million USDT remains due on June 30, 2027. Kraken has agreed to count the net value of Nakamoto's Bitcoin derivative positions toward the loan collateral requirements.

As of the end of September, 3,030 of the 4,283 Bitcoins held by Nakamoto were pledged to Kraken. If the collateral value falls below the required maintenance level, the company must repay a portion of the loan, post additional Bitcoin as collateral, or take both actions.