Nakamoto Sells ~600 BTC, Repays $45M of Kraken Loan

Nakamoto Inc. sold roughly 600 Bitcoin and related derivative positions on Thursday, generating about $48 million in net proceeds and using $45 million to repay part of its loan with Payward Interactive, which operates Kraken. The company’s stock, listed as NAKA, rose about 20% after the filing.

The repayment cut the outstanding balance under the Master Loan Agreement with Kraken from 210 million USDT to 165 million USDT. A new term sheet sets 60 million USDT to mature on December 4, 2026, and 105 million USDT to mature on June 30, 2027. Nakamoto expects the revised schedule and terms to lower annual financing costs by about $4 million.

Under the updated terms the interest rate can fall from 8.0% to 7.75% if Nakamoto maintains 2,000 BTC as collateral at Bitwise Asset Management. After the transactions the company retains roughly 4,468 BTC on its balance sheet, which it values at about $281 million at current Bitcoin prices, roughly 1.7 times the outstanding loan.

The company authorized a share repurchase program of up to $25 million through December 31, 2026; the board did not commit to specific purchases. Nakamoto completed a 1-for-40 reverse stock split earlier this year, reducing shares outstanding to about 17.4 million as part of Nasdaq compliance measures.

Nakamoto previously sold 284 BTC in 2025 and recorded a $166.2 million fair-value loss on its digital assets. Bitcoin traded near $62,992 at the time of the latest filing, down roughly 22% over the past 30 days and well below its October 2025 peak near $126,080.

The announcement followed recent sales by other public firms that sold Bitcoin to repay secured debt or meet creditor obligations; one peer sold holdings at an average of about $71,000 per coin to eliminate secured debt and saw its shares rise more than 140%.

In a statement, CEO David Bailey wrote that Nakamoto strengthened its balance sheet by reducing debt, extending maturities into 2027, lowering financing costs and maintaining a large Bitcoin treasury. He added the company plans to increase Bitcoin per share and manage its liabilities.