Nakamoto cuts debt with $48M Bitcoin sale as treasury firms prioritize balance sheet strength

Bitcoin treasury company Nakamoto sold approximately 600 BTC and related derivatives, according to a statement on Thursday. The company used the proceeds to reduce debt, lower financing costs and extend the maturity of a major loan facility.

Nakamoto sells $48 million in Bitcoin to clear debt

Nakamoto generated $48 million in net proceeds from the transaction and used $45 million to pay down debt owed to Kraken.

“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,” said Nakamoto CIO Tyler Evans.

The firm also reached an agreement to extend roughly $105 million of remaining principal to June 2027, while securing the option to reduce its interest rate to 7.75% and gain greater collateral flexibility.

The restructuring is expected to reduce annual financing costs by approximately $4 million. Following the transaction, Nakamoto retained about 4,467 Bitcoin on its balance sheet and authorized a $25 million share repurchase program. The company also said it had regained compliance with Nasdaq's minimum bid price requirements.

“These actions also strengthen our capital structure and are expected to lower financing costs, providing additional optionality as we continue executing our long-term Bitcoin treasury strategy,” Evans added.

Bitcoin treasury firms shift focus to balance sheet management

Nakamoto's move comes a day after Bitcoin financial services company Fold announced a similar balance-sheet restructuring.

On Wednesday, Fold disclosed that it had monetized approximately $45 million worth of Bitcoin at an average price of nearly $71,000 per coin. The company used $20 million of the proceeds to eliminate all secured debt, while allocating the remaining $25 million toward growth initiatives.

Fold said the transaction improves liquidity, removes interest-payment obligations and provides additional capital to expand products, including its Bitcoin Credit Card and enterprise offerings. Despite the sale, the company continues to hold approximately 1,492 BTC in its treasury.

The transactions follow a growing trend among public Bitcoin treasury firms seeking to strengthen balance sheets rather than simply maximize Bitcoin accumulation. Earlier this month, Bitcoin treasury giant Strategy sold 32 BTC, marking its first sale in years.

While the sale represented only a small portion of its holdings, it sparked debates about the sustainability of Bitcoin-backed treasury strategies amid a weaker market environment.

The sales come as broader market enthusiasm for Bitcoin treasuries has cooled in recent months, according to Glassnode.

Average daily trading volume across Bitcoin treasury companies has fallen 49% since December 2025, declining from $34.2 billion to $17.4 billion.

Glassnode added that trading activity among US spot Bitcoin exchange-traded funds (ETFs) dropped even further, falling 78% over the same period. The decline stems from weaker speculative demand for leveraged exposure to Bitcoin amid ongoing market volatility.

“Speculative appetite for BTC in traditional markets has largely withdrawn,” the firm wrote on X.

Bitcoin is trading at $63,580, up 2.5% over the past 24 hours at the time of writing.