NAKAMOTO'S BILL OUTGREW THE COMPANY

The real news

The story, straight

A company's stock market value is the price of all its shares added together. It isn't the value of everything the business owns.

CoinDesk reports Nakamoto owes Kraken 165 million USDT, tokens designed to track $1 each. Its shares were worth about $104 million at the November 12 close.

The bill is bigger than the market's price tag for the company. Apparently the debt needs its own headquarters.

Nakamoto pledged bitcoin as security for the loan. If that backing falls below the required level, Kraken can require more bitcoin, partial repayment, or both.

This comparison alone doesn't mean bankruptcy.

The 60 million USDT payment due December 4, 2026 now falls due December 4, 2027. Another 105 million USDT remains due June 30, 2027.

Moving the alarm doesn't pay the bill.

Kraken also now counts the net value of Nakamoto's bitcoin options, contracts tied to bitcoin's price, in daily security checks. A negative total counts as 0.

The loan remains secured only by bitcoin.

The useful upside: Nakamoto has more time, not a debt eraser. Read the security terms, not just the new date.

Source: https://www.coindesk.com/markets/2026/11/13/bitcoin-firm-nakamoto-owes-kraken-usd165-million-more-than-its-entire-market-value

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