$210 million loan finalized: Nakamoto Holdings uses BTC as collateral to borrow from Kraken to repay old debts

2025-12-10 02:40:19

Abstract generation in progress

On December 9, Nakamoto Holdings completed a major move by securing a $210 million USDT loan from Kraken.

This money doesn’t come for free. The annual interest rate is fixed at 8%, with the loan maturing on December 4, 2026. As collateral, they pledged at least $323.4 million worth of Bitcoin, which is held in custody by Kraken affiliate Payward Financial. Additionally, all three parties signed a shared account control agreement.

What’s the money for? It’s being used directly to pay off an old debt owed to Antalpha Digital—specifically, the term loan under the master loan agreement signed on October 6 this year.

A bit of background: Nakamoto Holdings only began its Bitcoin treasury business in August this year, with BTC Inc. co-founder David Bailey serving as CEO. For custody and trading, they partnered with Anchorage Digital—the only federally chartered digital asset bank in the US.

According to the 8-K form submitted to the SEC by KindlyMD, this transaction was officially disclosed on December 10.

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BearMarketLightning

· 2h ago

It's the same old trick of borrowing new debt to pay off old debt. This routine has been played out.

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MidnightTrader

· 10h ago

It's another cycle of borrowing new debt to pay off old debt. Are you tired of this trick already? Haha

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FlashLoanLarry

· 12-10 21:30

nah wait, 8% on a $210m btc-backed loan is lowkey inefficient when you could be running that collateral through yield strats... but hey, debt refinancing is debt refinancing i guess 🤔

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DegenTherapist

· 12-10 03:10

Borrowing 210 million yuan at an 8% interest rate, is this playing the "debt transfer" game with Antalpha?

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down_only_larry

· 12-10 03:06

This is another debt transfer, BTC collateral for USDT to repay debts? Sounds like playing the game of "tearing down the east wall and repairing the west wall"...

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PessimisticLayer

· 12-10 03:05

8% interest rate... Is this paying off debts or digging holes?

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SnapshotLaborer

· 12-10 02:55

Borrow new debts to pay off old debts again, when will this routine be the end?

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WhaleStalker

· 12-10 02:54

8% annual interest rate? That's not cheap. Still have to rely on BTC to support it.