Nakamoto faces $60 million USDT debt obligation in December

Nakamoto, the parent company of Bitcoin Magazine, faces a significant liquidity test at the end of the year. According to second-quarter regulatory filings, the company has a 60 million USDT Bitcoin-backed credit facility obligation due on December 4.

As of June 30, Nakamoto held approximately $19.1 million in cash and 662 unencumbered Bitcoin, valued at roughly $38.7 million. This combined total of $57.8 million narrowly trails the upcoming 60 million USDT debt. While the company previously reduced its loan by 45 million USDT in June by selling approximately 600 BTC, much of its remaining holdings are tied up as collateral.

Of the company's 4,467 total Bitcoin, 3,805 BTC (valued at approximately $222.7 million) is pledged to the crypto exchange Kraken to secure the loan. While the company can liquidate pledged tokens at maturity to settle the debt, its limited unencumbered cushion leaves it heavily reliant on Bitcoin's market performance to manage the repayment.