Bitcoin treasury company Nakamoto said in an official announcement that it sold approximately 600 bitcoin along with related derivatives positions, generating about $48 million in net proceeds. The company used the proceeds to repay around $45 million in outstanding debt owed to Kraken. According to Nakamoto, the transaction is expected to reduce annual financing costs by about $4 million.
Bitcoin Sale Used to Repay Kraken Obligation
The asset sale covered roughly 600 bitcoin and associated derivatives positions. Nakamoto did not disclose the specific average sale price for the bitcoin, nor did it provide details on the structure of the derivatives positions. The company stated that the resulting net proceeds amounted to about $48 million, with approximately $45 million directed toward repayment of the Kraken debt.
After completing the repayment, Nakamoto signed a new term sheet with Kraken for the remaining $165 million USDT loan balance. Under the updated terms disclosed by the company, $105 million USDT of principal has been extended to June 30, 2027. The arrangement indicates that the company’s financing relationship with Kraken continues under revised terms rather than ending with the repayment.
New Loan Terms, Buyback Authorization and Remaining BTC
Nakamoto also said the annual interest rate on the new loan terms can be reduced to 7.75% once the collateral threshold tied to Bitwise custody wallets is met. The announcement did not provide additional detail on the specific threshold requirements. Separately, the company’s board has authorized a stock repurchase program of up to $25 million.
Following the transaction, Nakamoto still holds approximately 4,467 bitcoin on its balance sheet. The company also said it has received notice from Nasdaq that it has regained compliance with listing requirements. Together, the announcement covers Nakamoto’s bitcoin sale, Kraken debt repayment, revised USDT loan terms, stock buyback authorization and updated Nasdaq compliance status.