Bitcoin treasury firm Nakamoto owes Kraken $165 million, exceeding its market value

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Bitcoin treasury company Nakamoto has an outstanding debt to the exchange Kraken of about $165 million. Roughly 70% of the firm's bitcoin holdings are pledged as collateral to Kraken. The coins were acquired at prices near $118,000 each. Bitcoin's current trading price has fallen below $69,000, which has pushed the value of the pledged holdings down. As a result, the amount Nakamoto owes now exceeds the company's entire market capitalization.

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