Bitcoin treasury company, Nakamoto sold 600 BTC to repay $45 million in debt, refinanced its Kraken loan through 2027, approved a $25 million buyback, and saw NAKA stock surge 20%.
Key Highlights:
Nasdaq-listed Bitcoin treasury company Nakamoto officially announced that it has reduced its debt burden after selling around 600 Bitcoin and related derivative positions. The sale generated roughly $48 million in net proceeds, which the company used to repay about $45 million of its outstanding loan obligations.
The move comes at a time when Bitcoin treasury firms are facing increased pressure from falling crypto prices and rising financing costs. Despite the sale, Nakamoto still holds a sizable Bitcoin reserve of 4,468 BTC, keeping it among the larger public companies with significant Bitcoin exposure.
The market reacted positively to the announcement, with Nakamoto's stock (NAKA) surging nearly 20% following the news.
“The recent volatility in Bitcoin markets reinforces the importance of maintaining a disciplined balance sheet. Through this refinancing, we have reduced overall debt, extended the majority of our maturity profile into 2027, and improved the overall flexibility of our debt,” said Tyler Evans, Chief Investment Officer and Director of Nakamoto. “These actions also strengthen our capital structure and are expected to lower financing costs, providing additional optionality as we continue executing our long-term Bitcoin treasury strategy. We are grateful to Kraken for being a thoughtful and supportive financing partner throughout this process.”
Alongside the debt repayment, Nakamoto also renegotiated its remaining loan agreement with Kraken's lending arm, Payward Interactive.
The company’s outstanding debt has now been reduced from 210 million USDT to 165 million USDT. Under the new agreement, 60 million USDT will mature in December 2026, while the remaining 105 million USDT has been extended until June 30, 2027.
The refinancing also includes an incentive for Nakamoto to maintain a large Bitcoin reserve. If the company keeps at least 2,000 BTC as collateral with Bitwise Asset Management, its borrowing rate can fall from 8% to 7.75%.
Overall, the refinancing reduces leverage, improves liquidity, and is expected to save about $4 million annually in interest costs, while Nakamoto still holds roughly 4,467 BTC on its balance sheet.
Management estimates the revised terms could lower annual financing costs by roughly $4 million.
Nakamoto CEO David Bailey described the transaction as part of a broader strategy to strengthen the company's financial position while continuing to build shareholder value.
According to Bailey, the company remains focused on increasing Bitcoin per share while carefully managing liabilities. He also suggested the market may still be undervaluing Nakamoto relative to the value of its Bitcoin holdings.
At current Bitcoin prices, Nakamoto’s remaining treasury is worth approximately $281 million, significantly larger than its outstanding debt balance.
Nakamoto’s decision follows a growing trend among Bitcoin treasury companies looking to reduce leverage during the current market downturn.
Just days earlier, Fold eliminated its secured debt through Bitcoin sales, sending its stock soaring more than 140%. Meanwhile, other firms such as Genius Group have sold substantial portions of their holdings to meet creditor obligations.
Bitcoin treasury stocks have struggled throughout 2026 as Bitcoin remains well below its October 2025 peak of $126,080. Many companies that aggressively accumulated BTC during the bull market are now focused on improving liquidity and extending debt maturities.
To further support shareholders, Nakamoto's board has also approved a stock buyback program worth up to $25 million through December 2026, signaling confidence despite ongoing market volatility.
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