TLDR
- Nakamoto sold about 600 BTC and Bitcoin derivatives to generate $48M in net proceeds.
- The company used the proceeds to reduce outstanding debt by about $45M.
- Nakamoto still holds about 4,467 BTC after the debt reduction and refinancing.
- A new Kraken loan term extends 105M USDT of principal to June 30, 2027.
- Nakamoto approved a share repurchase program of up to $25M through 2026.
Nakamoto Inc. (NASDAQ: NAKA) announced a series of capital structure and treasury management actions aimed at strengthening its balance sheet, lowering financing costs, and supporting its long-term Bitcoin treasury strategy.
The Bitcoin-focused public company said it reduced outstanding debt by approximately $45 million through the sale of Bitcoin and Bitcoin-related derivative positions. The transaction generated about $48 million in net proceeds and was used to repay part of a loan with Payward Interactive Inc., which operates as Kraken.
Following the debt reduction and refinancing steps, Nakamoto said it continues to hold about 4,467 Bitcoin on its balance sheet. The company also authorized a share repurchase program of up to $25 million and confirmed that it has regained compliance with Nasdaq’s minimum bid price requirement.
Nakamoto Sells 600 Bitcoin to Reduce Debt
Nakamoto said the debt paydown was funded through the sale of approximately 600 Bitcoin and Bitcoin-related derivatives. The company used the proceeds to reduce leverage and improve its capital structure during a period of Bitcoin market volatility.
The sale lowered Nakamoto’s Bitcoin treasury from 5,058 BTC at the end of March to about 4,467 BTC after the transactions. Based on the figures provided, the remaining Bitcoin position is valued at more than $280 million.
Chief Investment Officer and Director Tyler Evans said recent Bitcoin volatility reinforces the importance of maintaining a disciplined balance sheet. He said the refinancing reduced debt, extended the majority of the company’s maturity profile into 2027, and improved the flexibility of its debt structure.
The company described the actions as part of a broader treasury management strategy designed to preserve liquidity while maintaining exposure to Bitcoin as a core balance sheet asset.
Kraken Loan Terms Extend Debt Maturity
After repaying part of its Kraken loan, Nakamoto entered into a new loan term sheet under its Master Loan Agreement with Kraken covering the remaining 165 million USDT balance.
Under the revised terms, 60 million USDT will mature on December 4, 2026, while the remaining 105 million USDT principal has been extended to June 30, 2027. The new arrangement also allows the company to reduce its annual interest rate from 8.0% to 7.75%, subject to maintaining a specified baseline collateral level of 2,000 Bitcoin in a separately managed account overseen by Bitwise Asset Management.
Nakamoto said the refinancing is expected to reduce annual financing costs by about $4 million on an annualized basis. The company also said the revised terms provide greater collateral flexibility through collateral held in its Bitwise trading wallet.
The refinancing gives Nakamoto a longer maturity schedule for most of its remaining debt, while lowering expected interest expense and reducing near-term balance sheet pressure.
$25M Buyback and Nasdaq Compliance Add Focus
Nakamoto’s Board of Directors authorized a share repurchase program of up to $25 million of the company’s outstanding common stock. The authorization runs through December 31, 2026, and gives the company flexibility to buy shares through open market purchases, privately negotiated transactions, block trades, and other lawful methods.
Repurchases may also be carried out under Rule 10b5-1 trading plans and in accordance with Rule 10b-18 under the Securities Exchange Act of 1934. Nakamoto said the timing, price, and amount of any repurchases will depend on market conditions, trading prices, liquidity, capital requirements, and strategic considerations.
The company said the program does not require it to purchase any specific number of shares and may be suspended, modified, or discontinued at the discretion of the board.
Nakamoto also said Nasdaq Listing Qualifications sent a letter on June 9, 2026, confirming that the company regained compliance with the exchange’s minimum $1 bid price requirement and that the matter was closed.
