In brief
- Nakamoto, Inc. said it sold about $48 million worth of Bitcoin and derivatives positions to help eliminate debt.
- The company also refinanced other debt and authorized a $25 million share buyback program.
- NAKA shares finished the day up nearly 10%, but are down almost 39% in the last month.
Nakamoto Inc., the Nashville-based Bitcoin company that operates a BTC treasury and runs Bitcoin Magazine, said Thursday that it sold some of its Bitcoin to shore up its balance sheet through a series of debt reduction and refinancing transactions, while also authorizing a $25 million share buyback program.
The company reduced its outstanding debt by $45 million and extended roughly 105 million USDT of principal to June 2027. To fund the paydown, Nakamoto sold approximately 600 BTC and related derivative positions, generating about $48 million in net proceeds.
The moves come amid continued turbulence in cryptocurrency markets, with Bitcoin falling more than 21% over the last month, diving below the $60,000 mark last week for the first time since 2024. At its recent trading price of $63,515, the leading coin is down nearly 50% from its all-time high above $126,000 just set last October.
“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, the crypto exchange that serves as Nakamoto's lender, as "a thoughtful and supportive financing partner."
Under a new loan term sheet with Kraken, 60 million USDT will mature in December 2026, while the remaining 105 million USDT has been pushed to June 2027. The revised agreement also reduces the interest rate to as low as 7.75% annually, contingent on the company maintaining a collateral floor of 2,000 Bitcoin. Nakamoto said the changes are expected to cut annual interest expense by roughly $4 million.
Following the transactions, Nakamoto holds approximately 4,467 Bitcoin on its balance sheet, valued at about $284 million as of this writing.
The company also disclosed that it received confirmation from Nasdaq on June 9 that it had regained compliance with the exchange's minimum $1 bid price requirement—a threshold it had previously fallen below before conducting a 1-for-40 stock split in late May.
Nakamoto (NAKA) shares finished the trading day up more than 9.5% at a price of $4.47, showing a nearly 39% drop over the last month and a more than 68% loss since the start of the year.