Bitcoin firm Nakamoto owes Kraken $165 million, more than its entire market value
AI summary
Bitcoin treasury firm Nakamoto owes Kraken $165 million, an amount exceeding its entire market value. Roughly 70% of its bitcoin holdings are pledged to the exchange, purchased at about $118,000 per coin, while bitcoin now trades below $69,000. The underwater collateral raises liquidation risk for a leveraged corporate holder, a cautionary signal for traders watching treasury-company exposure.
