Nakamoto Inc. sold 600 Bitcoin for $48 million to reduce its debt, using the funds to pay down $45 million of a loan from Kraken. The firm also refinanced its remaining debt and authorized a $25 million share buyback. The move, which sent NAKA stock up 20%, comes amid market volatility and a trend of corporate Bitcoin holders deleveraging their balance sheets.
Nakamoto Bitcoin treasury liquidation
- ▪For the first quarter of 2026, Nakamoto Inc. posted a net loss of $238.8 million, including a $102.5 million mark-to-market loss on its Bitcoin
- ▪Nakamoto Inc. is a Nashville-based company that operates a Bitcoin treasury and publishes Bitcoin Magazine
- ▪The company used $45 million of the proceeds to repay a portion of its loan with the crypto exchange Kraken
- ▪Following the transactions, Nakamoto Inc. holds approximately 4,467 Bitcoin on its balance sheet
- ▪Nakamoto Inc. sold approximately 600 Bitcoin and related derivatives, generating about $48 million in net proceeds
Kraken loan refinancing terms
- ▪Nakamoto Inc. refinanced its remaining 165 million USDT loan with Kraken, which was reduced from 210 million USDT
- ▪Under the new agreement, 60 million USDT of the loan matures on December 4, 2026, and 105 million USDT matures on June 30, 2027
- ▪The loan's interest rate can be reduced from 8.0% to 7.75% if Nakamoto maintains a collateral floor of 2,000 Bitcoin
- ▪Nakamoto expects the debt restructuring to reduce its annual financing costs by approximately $4 million
Share buyback authorization
- ▪Nakamoto's Board of Directors authorized a share repurchase program for up to $25 million of its common stock
- ▪The share buyback program, designated the 2026 Repurchase Program, runs through December 31, 2026
Nasdaq compliance restoration
- ▪Following the financial restructuring news, Nakamoto's stock (NAKA) jumped as much as 20% intraday
- ▪On June 9, 2026, Nakamoto Inc. regained compliance with Nasdaq's minimum $1.00 bid price requirement
- ▪The company regained compliance after conducting a 1-for-40 reverse stock split in late May 2026 to raise its share price
Corporate Bitcoin deleveraging trend
- ▪Nakamoto's actions are part of a trend of companies with Bitcoin treasuries selling assets to reduce debt amid market volatility
- ▪Genius Group also recently liquidated its entire Bitcoin holdings to repay its creditors
- ▪In a similar move, Fold Holdings sold 634 Bitcoin for $45 million to eliminate its secured crypto debt
- ▪Bitcoin's price fell more than 21% over the last month, dropping below $60,000 in early June 2026 for the first time since 2024
Story comments
Loading comments…