Other DebtActiveBTC
Kraken BTC-Collateralized Loan
Kraken BTC-Collateralized Loan
BTC Holdings
5,058 BTC
Total Debt
$210.00M
Leverage
51.7%
mNAV
0.42x
Outstanding
$210.00M
Insufficient history
Issue date
2025-12-03
Principal
$210.00M
Coupon
8.00%
Maturity
2026-12-04
Conversion price
—
- Denominated in USDT
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured
- Facility type
- Term loan
- Rate type
- Fixed
- Collateral
- BTC-collateralized, min $323.4M value with margin maintenance
- Covenants
- Collateral maintenance: excess BTC returned if value rises above threshold; additional BTC required if value falls below threshold
- Prepayment
- Prepayable at borrower option; make-whole premium applies if prepaid before six-month anniversary
Sources(1)
- Form 8-K (Kraken BTC-coll…FilingForm 8-K (Kraken BTC-collateralized loan)Nakamoto Inc. — 2025-12-09
Participants
Holders & Underwriters(1)
- Form 8-K (Kraken BTC-coll…Kraken (Payward Interactive, Inc.)holderas of 2025-12-03
Outstanding History
Outstanding history(1)
| As of | Outstanding | Source |
|---|---|---|
| 2025-12-03 | $210.00M | Form 8-K (Kraken BTC-coll… |
- 2025-12-03 — $210,000,000filing — Nakamoto Inc.Source