Hassan Maishera
TL;DR
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Bitcoin treasury Nakamoto sold 600 BTC and related derivatives, generating $48 million in proceeds to reduce debt.
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Out of the total proceeds, Nakamoto allocated $45 million to repay outstanding debt owed to Kraken, significantly reducing its leverage position.
Bitcoin treasury company Nakamoto has sold approximately 600 BTC along with related derivatives, generating about $48 million in net proceeds, according to a statement released on Thursday.
The firm said the sale was primarily aimed at strengthening its balance sheet rather than reducing exposure to Bitcoin outright.
Nakamoto Offloads 600 BTC in Strategic Deleveraging Move
Out of the total proceeds, Nakamoto allocated $45 million to repay outstanding debt owed to Kraken, significantly reducing its leverage position.
In a statement on Thursday, the company described the move as part of a broader refinancing effort designed to improve financial stability amid ongoing market volatility.
Nakamoto CIO Tyler Evans said:
“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.”
As part of the restructuring, Nakamoto agreed to extend roughly $105 million in remaining principal to June 2027.
The company also secured the option to reduce interest rates to 7.75%, greater collateral flexibility, and an estimated $4 million reduction in annual financing costs
These adjustments are expected to give the firm more operational flexibility during periods of market turbulence.
Bitcoin Holdings Remain Strong Despite Sale
Despite the partial liquidation, Nakamoto still holds approximately 4,467 BTC on its balance sheet.
The company also authorized a $25 million share repurchase program, and regained compliance with Nasdaq minimum bid price requirements
Evans added that the restructuring strengthens Nakamoto’s capital structure and supports its long-term Bitcoin treasury strategy.
Nakamoto’s move follows similar actions across the sector, as Bitcoin treasury firms increasingly prioritize liquidity and debt management over aggressive accumulation.
Just a day earlier, Bitcoin financial services company Fold announced it had monetized around $45 million in BTC at nearly $71,000 per coin.
Fold said the restructuring improves liquidity and supports expansion of products such as its Bitcoin Credit Card and enterprise services.
Strategy and Other Firms Signal a Shift in Treasury Behavior
Earlier this month, Bitcoin treasury giant Strategy sold 32 BTC, its first sale in years. While small relative to its holdings, the move sparked debate about the sustainability of Bitcoin-heavy balance sheet strategies in a weaker market.
According to Glassnode, interest in Bitcoin treasury firms has declined significantly:
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Average daily trading volume has dropped 49% since December 2025
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Volume fell from $34.2B to $17.4B
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Bitcoin ETF trading activity declined 78% over the same period
The data suggests reduced speculative appetite for leveraged Bitcoin exposure in traditional markets.
At the time of writing, Bitcoin is trading below $63,200, up 0.7% in the past 24 hours, reflecting short-term recovery despite broader uncertainty in institutional demand trends.
