Bitcoin News
By Sakamoto Nashi
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The Kraken Collateral Arrangement. The credit facility itself has a few moving parts. Nakamoto pays an annual loan fee of 7.
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June BTC Sale and the Q2 Loss. Nakamoto didn't wait around. In June, the company sold 600 BTC for 35.
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What December Actually Looks Like. The path to covering the $60 million obligation runs through a few scenarios.
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Nakamoto is running out of runway. The parent company of Bitcoin Magazine has a $60 million Bitcoin-backed credit facility maturing on December 4, and the numbers right now don't…
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As of June 30, Nakamoto held $19.1 million in cash. Its Bitcoin stash totaled 4,467 BTC, worth roughly $261.5 million at the time. Sounds comfortable, until you look closer.
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The credit facility itself has a few moving parts. Nakamoto pays an annual loan fee of 7.75%, but only as long as it keeps at least 2,000 BTC parked in a designated account.
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What's murkier is the maintenance and liquidation threshold situation. Nakamoto hasn't disclosed the specific numbers.
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The other piece worth knowing: a separate 105 million USDT loan segment isn't due until June 2027. So not everything is on the table in December — just the $60 million tranche.
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Nakamoto didn't wait around. In June, the company sold 600 BTC for 35.6 million USDT and adjusted some derivative hedges, pulling in around $48 million in total proceeds.
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And then there's the Q2 earnings picture. Nakamoto posted a net loss of $133 million for the second quarter. That's a big number, though it's worth breaking down.
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See also: Bitcoins Last 929,465 Coins Will Take Over 100 Years to Mine
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On the brighter side, adjusted operating income came in at $7.3 million. Derivative revenue contributed $10.4 million to that figure.
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Nakamoto says its current liquidity will cover operational expenses over the next twelve months. That's the company's own read.
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The path to covering the $60 million obligation runs through a few scenarios. Nakamoto can tap its cash reserves, sell some or all of the 662 unencumbered BTC, or potentially…
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Bitcoin volatility makes all of this harder to plan around. A sharp drop in price compresses the value of the collateral, potentially pushing Nakamoto closer to undisclosed…
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