Nakamoto trims 600 $BTC, clears Kraken tab, and still trades like a fire sale 🧾

Bitcoin treasury company Nakamoto Holdings has refinanced more than $100 million in crypto-backed debt while authorizing a $25 million share buyback, even as its shares trade at a steep discount to the value of its Bitcoin reserves. In a June 11 update, the company said it sold roughly 600 BTC and related derivatives for approximately $48 million, directing about $45 million of the proceeds toward repaying obligations tied to its Kraken credit facility. The firm still holds 4,467 BTC worth roughly $280 million at current prices.

Nakamoto also refinanced and extended approximately $105 million of remaining debt obligations into 2027, a restructuring it said lowers financing costs, improves collateral flexibility, and is expected to reduce annual interest expenses by around $4 million. Kraken participated in the refinancing alongside BitGo and Bitwise, which now oversee custody arrangements linked to the facility. The company framed the moves as part of a broader effort to strengthen its balance sheet while maintaining long-term Bitcoin exposure.

The announcement comes against a backdrop of investor scrutiny of leveraged Bitcoin treasury companies following recent market volatility and concerns about forced selling. According to data from BitcoinTreasuries.net, Nakamoto's mNAV multiple has slipped to around 0.33x, implying the market values the company at roughly 67% below the estimated net asset value of its BTC holdings. Nakamoto currently holds nearly $280 million in Bitcoin against a market capitalization of roughly $76 million, per the data.

Alongside the refinancing, Nakamoto's board authorized a share repurchase program of up to $25 million, a step the company said reflects its view of equity value relative to its Bitcoin treasury. The disclosure arrives shortly after broader market discussion of whether Bitcoin treasury firms could face pressure to liquidate holdings during prolonged downturns, and Nakamoto is positioning its balance sheet to preserve most of its BTC reserves through the cycle.