Nakamoto sells 600 BTC to repay $45 million Kraken loan

Nakamoto Inc. sold about 600 Bitcoin and related derivative positions for $48 million in net proceeds, repaying $45 million of its Kraken loan on Thursday.

"Today we strengthened Nakamoto's balance sheet by reducing debt by $45 million, extending maturities into 2027, lowering financing costs, and maintaining a treasury of 4,468 BTC," Chief Executive Officer David Bailey said. "We believe Nakamoto remains significantly undervalued. Our focus is simple: increase Bitcoin per share and prudently manage our liabilities."

The Nasdaq-listed company extended most of its remaining debt to June 2027 under a revised Master Loan Agreement. The remaining 165 million USDT balance — down from 210 million USDT — is split into two tranches: 60 million USDT maturing Dec. 4, 2026, and 105 million USDT running to June 30, 2027. The interest rate can drop to 7.75 percent from 8 percent if Nakamoto holds 2,000 BTC in collateral at Bitwise Asset Management, cutting annual financing costs by about $4 million.

The sale comes as Bitcoin treasury stocks have fallen sharply this year, with BTC retreating about 22 percent over the past 30 days from its October 2025 peak of $126,080. Nakamoto's remaining 4,467 BTC is worth roughly $281 million at current prices, about 1.7 times its outstanding loan balance. The company also authorized a share repurchase program of up to $25 million through Dec. 31, 2026.

The repayment covered part of Nakamoto's loan with Payward Interactive, which operates as Kraken, according to the company's release. The deal follows a similar move by Fold, which sold Bitcoin at an average of $71,000 per coin to erase its secured debt entirely, sending its stock up more than 140 percent. Genius Group earlier liquidated its entire Bitcoin holdings to repay creditors, signaling a broader deleveraging trend among publicly listed Bitcoin treasury companies.

Nakamoto previously sold 284 BTC in 2025 while reporting a $166.2 million fair-value loss on its holdings. The company regained Nasdaq compliance on June 9 after executing a 1-for-40 reverse stock split that cut shares outstanding to roughly 17.4 million. The buyback program obligates no purchases, and the company's stock rose 20 percent on the news.

This article is for informational purposes only and does not constitute investment advice.