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Nakamoto faces Dec. repayment as Bitcoin loan due nears
Nakamoto reported $19.1 million cash and about $38.7 million in unencumbered BTC at June 30, narrowly below a 60 million USDT obligation due Dec. 4.
Nakamoto, the parent of Bitcoin Magazine, is set for a near-term liquidity test as a Bitcoin-backed credit facility repayment of 60 million USDT approaches on Dec. 4, according to its second-quarter regulatory filings reviewed by CryptoSlate.
As of June 30, Nakamoto held $19.1 million in cash and 4,467 Bitcoin valued at about $261.5 million, but most of those holdings are pledged as collateral. CryptoSlate reported that 3,805 BTC, worth about $222.7 million, were pledged to crypto exchange Kraken, leaving 662 unencumbered BTC, or about $38.7 million, as free reserves.
On a combined basis, Nakamoto’s cash and unencumbered Bitcoin were roughly $57.8 million at quarter-end, narrowly trailing the 60 million USDT due in December. The company said the repayment is not an immediate funding shortfall because pledged tokens can be liquidated at maturity to extinguish the debt, but the unencumbered cushion remains limited.
Nakamoto has already reduced its exposure under the facility, CryptoSlate said. In June, it offloaded about 600 BTC for 35.6 million USDT and used 45 million USDT to pay down principal, cutting the total balance from 210 million USDT to 165 million USDT while extending a 105 million USDT tranche into mid-2027, with an annual loan fee of 7.75% or 8% depending on whether it maintains at least 2,000 BTC in a designated account.
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