Bitcoin Treasury Company Faces Decisive Test with $60M Loan Repayment Due

Nakamoto, the parent company of Bitcoin Magazine, is facing a near-term balance-sheet test as it prepares to meet its $60 million USDT loan repayment due in December. At the end of June, Nakamoto held only $19.1 million in cash, with a significant portion of its digital assets locked up as collateral for the facility.

The company's treasury structure is complex, with 3,805 BTC (worth around $222.7 million) pledged to crypto exchange Kraken to secure the loan. This left Nakamoto with just 662 unencumbered BTC, or about $38.7 million in free digital reserves. Combined, its cash and unencumbered Bitcoin stood at roughly $57.8 million at quarter-end, narrowly trailing the $60 million USDT obligation due December 4.

In June, Nakamoto sold around 600 BTC for 35.6 million USDT to reduce its debt burden and generated approximately $48 million in net proceeds. The firm directed 45 million USDT toward paying down the facility, cutting the total balance from 210 million USDT to 165 million USDT.

The primary vulnerability between now and December remains collateral integrity. Nakamoto's annual loan fee stands at 7.75% as long as it maintains at least 2,000 BTC in a designated account, rising to 8% if balances drop below that mark.