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Nakamoto reduces leverage with Bitcoin sales and refinancing
Nakamoto Inc. has moved into a new phase of its Bitcoin treasury strategy after cutting roughly $45 million of outstanding debt through a combination of asset sales and loan restructuring. The company sold about 600 BTC along with related derivative positions, generating approximately $48 million in net proceeds and materially reducing borrowings owed under its credit facilities with Payward Interactive, the operator of Kraken.
Sale details and remaining Bitcoin holdings
Prior to the transaction, Nakamoto reported a treasury of 5,058 BTC at the end of March. After selling roughly 600 Bitcoin and associated derivatives, the firm now holds about 4,467 BTC on its balance sheet. Using the company's published figures, the remaining Bitcoin treasury is valued at more than $280 million. Management described the sale as part of a broader liquidity and capital management plan intended to lower leverage while preserving strategic exposure to BTC.
Chief Investment Officer Tyler Evans commented on the changes, saying the company was responding to market swings with a cautious approach. He added that the moves improve flexibility and push most debt maturities into 2027, helping the firm better navigate Bitcoin volatility while maintaining a disciplined balance sheet.
Refinancing with Kraken extends maturities and trims costs
Following the partial repayment, Nakamoto entered a revised financing arrangement under its Master Loan Agreement with Kraken. The updated terms apply to a remaining USDT loan balance of 165 million. Under the revised schedule, 60 million USDT will mature on December 4, 2026, while the remaining 105 million USDT principal has been extended to June 30, 2027.
Lower interest and collateral mechanics
As part of the refinancing, Nakamoto secured the option to reduce its annual interest rate from 8.00% to 7.75% if it maintains a 2,000 BTC baseline collateral position in a separately managed account. Bitwise Asset Management will oversee that collateral account tied to the financing. According to company estimates, the refinancing could trim annual financing costs by roughly $4 million, and the revised structure adds flexibility by allowing collateral to be managed within Nakamoto's Bitwise trading wallet.
These amendments to maturity timings and borrowing terms are aimed at lowering funding costs and reducing refinancing risk while keeping a strategic BTC allocation on the balance sheet.
Board greenlights $25M buyback; Nasdaq compliance restored
Nakamoto’s Board of Directors approved a share repurchase program authorizing up to $25 million in purchases of outstanding common stock. The buyback authorization runs through December 31, 2026, and allows the company to buy shares via open-market transactions, block trades, privately negotiated deals, and Rule 10b5-1 trading plans. Future repurchases will depend on market conditions, available liquidity, prevailing trading prices, and ongoing capital needs. Management retains the right to pause or adjust the program as circumstances warrant.
Separately, Nakamoto disclosed that Nasdaq’s Listing Qualifications group closed a review after sending a letter dated June 9, 2026 confirming the company met minimum bid price requirements. The firm said Nasdaq has formally closed the matter, restoring compliance with the exchange’s listing standards.
What this means for investors and the Bitcoin market
The combination of selling a portion of the BTC treasury, refinancing USDT loans with extended maturities, modest interest-rate relief, and an authorized buyback indicates Nakamoto is prioritizing balance-sheet resilience and shareholder value. For crypto investors tracking corporate Bitcoin treasuries, the transaction signals a pragmatic approach to risk management that still retains meaningful exposure to BTC.
Nakamoto’s restructuring also reflects broader market dynamics: companies with significant Bitcoin holdings are increasingly balancing liquidity needs, debt servicing, and market exposure through diversified treasury tools such as derivatives, collateralized loans, and managed custody solutions.
As the company enters 2027 with a reprofiled debt schedule, lower projected financing costs, and a renewed Nasdaq listing compliance, Nakamoto's moves will be watched as an example of active treasury management in the crypto industry.
Source: crypto
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