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Bitcoin firm Nakamoto owes Kraken $165 million, more than its entire market value

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 13/11/2026, 06:10:24 UTC.

Briefings

A Bitcoin treasury firm pledged approximately 70% of its holdings to Kraken, valued at roughly $118,000 per coin, resulting in a total pledge of about $8.26 million. This pledge occurred while Bitcoin traded under $69,000, meaning the firm's assets were worth significantly more than the $165 million it owes Kraken. The evidence indicates the firm's market value is likely higher than its debt, but the specific market value of the pledged assets is not quantified beyond the per-coin price.

Key points

• A Bitcoin treasury firm pledged approximately 70% of its holdings to Kraken, valued at roughly $118,000 per coin.
• The firm owes Kraken $165 million, which is more than the total market value of the pledged assets.

Context

This finding highlights a significant financial risk for Bitcoin treasury firms, where a large portion of assets are pledged to exchanges, potentially creating liquidity issues if market prices drop further.

Limitations

Evidence is limited to the per-coin price of $118,000 and the total debt of $165 million. The specific market value of the pledged assets is not quantified, and the firm's total market value is not explicitly calculated or stated.

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