Bitcoin firm Nakamoto owes Kraken $165 million, more than its entire market value
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Nakamoto, a bitcoin treasury company, owes Kraken approximately $165 million—more than its entire market value—with roughly 70% of its bitcoin holdings pledged as collateral to the exchange. The coins were acquired at about $118,000 each, while bitcoin now trades below $69,000, leaving the firm's collateral deeply underwater relative to its purchase basis. The disclosure matters because Nakamoto's debt load now exceeds its equity value, raising questions about whether the company can meet obligations without selling coins or raising fresh capital. Investors should watch for margin calls or additional collateral postings from Kraken, any asset sales by Nakamoto, and whether the firm's shares trade at a widening discount to the value of its remaining unpledged bitcoin.
Muhabbit's AI wrote this summary in its own words from CoinDesk's report. It can get details wrong, so check the source.
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Nakamoto, Kraken, Bitcoin (BTC)
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