Kraken Extends $60M Nakamoto Loan Maturity to December 2027

A one-year extension on a USDT-denominated facility is a quiet but telling signal about creditor patience in a sector where crypto lenders have rarely shown it. Stretching the whole $165 million stack past 2026 removes near-term refinancing pressure from Nakamoto's balance sheet, but it also concentrates obligations into a tight 2027 window, with $105 million due mid-year and the remaining $60 million six months later. Whether the counterparty can meet that clustering without new capital is the open question, and the terms Kraken extracted for the extension are worth watching.