Bitcoin Magazine parent Nakamoto, a crypto treasury firm, must repay 60 million USDT on December 4, a date that tests its near‑term liquidity. As of June 30, the company reported $19.1 million in cash and held 4,467 Bitcoin valued at roughly $261.5 million. About 3,805 Bitcoin, worth $222.7 million, were pledged to Kraken as collateral for a loan that carries a 7.75 percent annual fee if at least 2,000 Bitcoin remain in a designated account, rising to 8 percent if the balance falls below that level. The firm retained 662 unencumbered Bitcoin, valued at $38.7 million, giving combined cash and unencumbered Bitcoin of about $57.8 million, just short of the repayment amount. In June, Nakamoto sold 600 Bitcoin for 35.6 million USDT and used the proceeds, together with $48 million in derivative gains, to reduce the loan balance from 210 million USDT to 165 million USDT, while extending 105 million USDT of principal to mid‑2027. The second‑quarter results showed a net loss of $133 million, driven by a $105.2 million goodwill impairment and $48.7 million in mark‑to‑market losses on digital assets, but adjusted operating income rose to $7.3 million, aided by $10.4 million in derivative revenue. CEO David Bailey said the company has delivered its first positive adjusted operating income since becoming a Bitcoin operating entity, and that existing liquidity should meet cash needs for the next 12 months, though a sustained decline in Bitcoin prices could impair debt service. The loan agreement does not disclose specific maintenance or liquidation thresholds, leaving the firm dependent on Bitcoin’s market price to meet the December obligation.