Nakamoto Trims BTC Bag by 600 Coins, Tells Wall Street Its $76M Is a Steal 🪙

Nakamoto Holdings, the Bitcoin treasury firm that also operates Bitcoin Magazine, said Thursday it sold roughly 600 BTC and related derivative positions for approximately $48 million in net proceeds, using about $45 million of those funds to repay debt tied to its Kraken credit facility. The Nashville-based Nasdaq-listed company (ticker NAKA) simultaneously refinanced and extended roughly $105 million of remaining debt obligations into 2027, a restructuring it said will lower financing costs, improve collateral flexibility, and reduce annual interest expense by approximately $4 million. Kraken participated in the refinancing alongside BitGo and Bitwise, which now oversee custody arrangements linked to the facility.

The revised loan term sheet sets a 7.75% annual interest rate floor, contingent on Nakamoto maintaining at least 2,000 BTC as collateral, with $60 million USDT maturing in December 2026 and $105 million USDT pushed to June 2027. "The recent volatility in Bitcoin markets reinforces the importance of maintaining a disciplined balance sheet," said Tyler Evans, Nakamoto's chief investment officer, in a statement. "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." Evans credited Kraken as "a thoughtful and supportive financing partner."

Following the transactions, Nakamoto holds approximately 4,467 BTC on its balance sheet, valued at about $284 million at current prices. The moves come as $BTC trades near $63,515, down more than 21% over the past month and nearly 50% from its all-time high above $126,000 set in October 2024. Nakamoto's board separately authorized a share repurchase program of up to $25 million, a step that may signal management views the equity as undervalued relative to the size of its Bitcoin holdings. The company also disclosed that Nasdaq confirmed on June 9 that it had regained compliance with the exchange's minimum $1 bid price requirement, a threshold it had fallen below before executing a 1-for-40 stock split in late May.

Nakamoto shares finished Thursday up more than 9.5% at $4.47, a nearly 39% decline over the last month and a more than 68% loss since the start of the year. Data from BitcoinTreasuries.net shows the company's market multiple to net asset value (mNAV) has fallen to roughly 0.33x, implying the market values Nakamoto at approximately 67% below the estimated net asset value of its BTC reserves. The company currently holds nearly $284 million worth of Bitcoin against a market capitalization of about $76 million, according to that data. The discount has prompted renewed scrutiny of leveraged Bitcoin treasury companies following recent volatility and concerns about forced selling.