[CoinDesk] Bitcoin firm Nakamoto owes Kraken $165 million, more than its entire market value

Nakamoto, a bitcoin treasury company, owes Kraken $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 approximately $118,000 each, while bitcoin now trades below $69,000, leaving the firm's collateral deeply underwater relative to its purchase cost. The disclosure matters because it exposes how leveraged treasury strategies can amplify losses when bitcoin prices fall, potentially forcing margin calls or liquidation of pledged coins. Watch for whether Nakamoto faces additional collateral demands from Kraken and whether it must sell bitcoin or raise capital to cover the shortfall.