Nakamoto Sells 600 BTC, Refinances Kraken Loan

Stack of generic digital coins beside a loan document with a red stamped seal and a debt gauge meter decreasing.

Nakamoto Inc. Sells 600 Bitcoin to Cut Debt and Refinance Kraken Loan – Company Retains 4,467 BTC and Authorizes $25 Million Buyback

Key Takeaways

Nakamoto Inc. sold approximately 600 Bitcoin and related derivatives for about $48 million in net proceeds.
The company used $45 million to retire part of its debt with Payward Interactive, doing business as Kraken.
Remaining debt of 165 million USDT was refinanced at 7.75% interest with extended maturities through June 2027.
Nakamoto retains 4,467 Bitcoin on its balance sheet after the transaction.
The board authorized a share repurchase program of up to $25 million through December 31, 2026.

600 Bitcoin Sale Used to Retire $45 Million in Debt

Nakamoto Inc. (Nasdaq: NAKA), a Nashville based Bitcoin operating company, announced a series of capital structure measures that include a partial Bitcoin sale, debt reduction, refinancing of existing loans, and a new share repurchase authorization.

The company sold approximately 600 Bitcoin and Bitcoin related derivative positions. According to the announcement, the transaction generated around $48 million in net proceeds. Nakamoto used $45 million of that amount to repay a portion of its outstanding loan with Payward Interactive, Inc., which operates under the Kraken brand.

Following the repayment, Nakamoto reports that it still holds approximately 4,467 Bitcoin on its balance sheet. The company described the measures as part of a broader effort to strengthen its capital structure while continuing its long term Bitcoin treasury strategy.

Refinancing of Remaining 165 Million USDT Kraken Loan

After the partial paydown, Nakamoto entered into a new loan term sheet under its existing Master Loan Agreement with Kraken. The restructured agreement governs a remaining outstanding balance of 165 million USDT.

Under the updated terms, 60 million USDT will mature on December 4, 2026. The remaining 105 million USDT has been extended to June 30, 2027. The interest rate on the facility has been reduced from 8.0% per annum to 7.75% per annum.

The lower rate is contingent on Nakamoto maintaining a baseline collateral level of 2,000 Bitcoin in a separately managed account at Bitwise Asset Management. The company estimates that the revised structure will reduce annual financing costs by approximately $4 million.

Tyler Evans, Chief Investment Officer and Director of Nakamoto, stated that the actions are intended to strengthen the company’s capital structure and lower financing costs while preserving flexibility in executing its Bitcoin treasury strategy. He also acknowledged Kraken’s role as a financing partner during the process.

$25 Million Share Repurchase Program Through End of 2026

In addition to the debt reduction and refinancing, Nakamoto’s Board of Directors authorized a share repurchase program of up to $25 million in outstanding common stock. The program runs through December 31, 2026.

Designated as the 2026 Repurchase Program, it allows the company to buy back shares through open market transactions, privately negotiated deals, block trades, and Rule 10b5-1 trading plans. The authorization provides flexibility in execution, but the announcement does not specify a fixed schedule or minimum purchase requirement.

Following the public disclosure of these measures, shares of NAKA briefly climbed 20% at the time of reporting.

Nasdaq Compliance Restored After Bid Price Review

Earlier in the same week, on June 9, Nakamoto reported that it had received a letter from Nasdaq Listing Qualifications confirming that the company had regained compliance with the exchange’s minimum $1.00 bid price requirement.

The confirmation closes the previously disclosed matter related to listing standards. For publicly traded companies, maintaining compliance with minimum bid price rules is a prerequisite for continued listing on the Nasdaq exchange.

Position Within Ongoing Bitcoin Treasury Strategy

Nakamoto describes itself as a Bitcoin operating company and continues to hold a significant amount of Bitcoin on its balance sheet after the sale. With 4,467 BTC remaining, the company maintains direct exposure to Bitcoin while adjusting its debt profile.

The combination of partial asset sales, refinancing, and share repurchases reflects a capital management approach that links Bitcoin holdings, collateral requirements, and corporate financing arrangements. The requirement to maintain at least 2,000 Bitcoin as collateral under the new loan terms illustrates the operational connection between its treasury assets and its borrowing conditions.

Bitcoin Magazine, which reported on the announcement, is published by BTC Inc., a subsidiary of Nakamoto Inc.

Our Assessment

Nakamoto Inc. has reduced its debt by $45 million through the sale of approximately 600 Bitcoin and related derivatives, refinanced 165 million USDT in remaining obligations at a lower interest rate with extended maturities, and authorized a $25 million share buyback program. The company retains 4,467 Bitcoin on its balance sheet and has regained compliance with Nasdaq’s minimum bid price requirement. Together, these steps modify the company’s financing structure while maintaining a substantial Bitcoin treasury position.