Nakamoto Sells 600 BTC to Repay Kraken Loan; NAKA Up 20%

Nakamoto Inc., a Nasdaq-listed Bitcoin operating company, sold roughly 600 BTC and related derivative positions for about $48 million in net proceeds, closing the transactions on Thursday. The proceeds were used to repay $45 million of a loan tied to Payward Interactive, the operator of Kraken. Shares of NAKA rose about 20% on the announcement.

Under a new term sheet to the Master Loan Agreement, the outstanding Kraken-linked balance fell from 210 million USDT to 165 million USDT. Of that amount, 60 million USDT now matures on December 4, 2026, and the remaining 105 million USDT matures on June 30, 2027. The agreement includes a conditional interest-rate reduction from 8% to 7.75% if Nakamoto maintains 2,000 BTC in collateral at Bitwise Asset Management. The company estimates the revised terms could lower annual financing costs by about $4 million.

After the sales and netting roughly $48 million, Nakamoto reported it retains approximately 4,467 BTC in its treasury. At recent prices, those holdings were worth about $281 million, roughly 1.7 times the firm’s outstanding loan balance. Nakamoto also authorized a share repurchase program of up to $25 million that runs through December 31, 2026; the program does not obligate the company to repurchase shares.

Chief executive David Bailey described the transactions as a balance-sheet strengthening effort and stated: “Today we strengthened Nakamoto’s balance sheet by reducing debt by $45 million, extending maturities into 2027, lowering financing costs, and maintaining a treasury of 4,468 BTC. We believe Nakamoto remains significantly undervalued. Our focus is simple: increase Bitcoin per share and prudently manage our liabilities.”

The filing noted the actions come amid a wider pattern of firms with large Bitcoin treasuries selling assets to reduce secured borrowings or meet creditor obligations. Nakamoto previously sold 284 BTC earlier in 2025 and reported a fair-value loss on holdings of $166.2 million.

Nakamoto completed a 1-for-40 reverse share split as part of Nasdaq compliance on June 9, reducing shares outstanding to roughly 17.4 million. The stock reaction to Thursday’s disclosure was immediate: NAKA rose nearly 20% on the day. Bitcoin was trading near $63,000 at the time, about 22% below its level 30 days earlier.