Nakamoto Inc. has cut roughly $45 million of debt as it shifts its Bitcoin treasury strategy toward greater liquidity and capital flexibility.
Key moves and numbers
- Debt reduction: About $45 million in outstanding debt was paid down after the company sold roughly 600 BTC and used Bitcoin-linked derivative positions. Net proceeds from the transactions were approximately $48 million.
- Bitcoin holdings: Nakamoto’s BTC treasury fell from 5,058 BTC at the end of March to roughly 4,467 BTC. The company says the remaining holdings are worth more than $280 million (company figures).
- Loan refinance with Kraken: Nakamoto restructured the remaining 165 million USDT loan under its Master Loan Agreement with Payward Interactive (operator of Kraken). Under the revised terms:
- 60 million USDT matures on Dec. 4, 2026.
- The remaining 105 million USDT principal is extended to June 30, 2027.
- The annual interest rate can drop from 8.0% to 7.75% if Nakamoto maintains 2,000 BTC as baseline collateral in a separately managed account.
- Collateral and cost savings: Bitwise Asset Management will oversee the collateral account tied to the financing. Nakamoto estimates the refinancing will lower annual financing costs by about $4 million and said the revised structure gives additional flexibility via collateral in its Bitwise trading wallet.
- Share buyback and Nasdaq status: The board authorized a share repurchase program of up to $25 million, effective through Dec. 31, 2026; repurchases may occur via open market, block trades, negotiated purchases or Rule 10b5-1 plans. Nakamoto also said Nasdaq confirmed on June 9, 2026 that the company is back in compliance with minimum bid price requirements and closed the matter.
Management view
CIO Tyler Evans framed the moves as part of a disciplined treasury posture: “Recent Bitcoin volatility reinforces the importance of maintaining a disciplined balance sheet,” he said, adding the actions reduce debt, increase flexibility and push most maturities into 2027.
Why it matters
Nakamoto’s actions highlight a common trade-off in crypto corporate treasury management: trimming BTC exposure to shore up liquidity and cut financing costs, while preserving a substantial crypto position. Investors will likely watch how the company uses the $25 million buyback authority, whether it maintains the 2,000 BTC collateral to lock in the slightly lower interest rate, and how the extended maturities affect balance-sheet risk into 2027.
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