Points of Focus

• Nakamoto Holdings sold 600 BTC and related derivatives, generating $48 million in proceeds.
• The company used $45 million to repay debt owed to Kraken and extended most remaining loan obligations into 2027.
• Nakamoto expects to cut annual financing costs by about $4 million while retaining approximately 4,467 BTC.

Nakamoto Holdings has sold approximately 600 Bitcoin (BTC) and related derivative positions to reduce debt and refinance a major loan facility as the company navigates a weaker Bitcoin market that recently pushed the asset below $60,000.

Bitcoin was trading at $62,973 at the time of writing after recovering from last week’s selloff that briefly pushed the asset below $60,000. Against that backdrop, Nakamoto generated $48 million in proceeds from the transaction and used $45 million to repay a portion of its outstanding debt to Kraken while restructuring the remainder of its borrowing obligations.

Nakamoto reduces debt and extends Bitcoin-backed financing

According to the company’s June 11 announcement, the debt repayment formed part of a broader balance-sheet restructuring effort aimed at lowering financing costs and improving liquidity. Following the transaction, Nakamoto retained approximately 4,467 BTC on its balance sheet and entered a revised loan agreement covering 165 million USDt (USDT) in remaining debt.

Under the updated terms, 60 million USDT will mature in December 2026, while approximately 105 million USDT was extended to June 2027. The company also secured the ability to lower its interest rate to 7.75% from 8%, provided it maintains a specified Bitcoin collateral threshold.

Nakamoto estimates the refinancing will reduce annual financing costs by $4 million. Its board also authorized a share repurchase program of up to $25 million through the end of 2026.

Nakamoto announces a series of strategic updates:

– Elimination of debt by $45 million
– New loan term sheet with partial extended maturity & adjusted interest rates
– Authorization of Share Repurchase program up to $25M
– Regained Nasdaq compliance

— Nakamoto (@nakamoto) June 11, 2026

The sale follows a series of balance-sheet moves by public Bitcoin treasury firms, including Fold’s recent debt reduction and Strategy’s first Bitcoin sale in years. Even after the transaction, Bitcoin remains the company’s primary treasury asset.

Trading activity slows across Bitcoin investment vehicles

The announcement coincided with new Glassnode data showing a sharp decline in trading activity across both spot Bitcoin exchange-traded funds (ETFs) and publicly traded Bitcoin treasury companies.

According to the analytics company, the 30-day moving average (MA) trading volume of US spot Bitcoin ETFs has fallen from $4.4 billion per day in October 2025 to approximately $960 million per day, a decline of 78%.

Glassnode also reported that average daily trading volume across publicly traded Bitcoin treasury companies has dropped 49% since December 2025, falling to $17.4 billion from $34.2 billion.

Glassnode: Spot Bitcoin ETF Trading Volume Down 78% From Peak

According to Glassnode data, the 30-day moving average trading volume of U.S. spot Bitcoin ETFs has fallen from $4.4 billion per day in October 2025 to just $960 million per day, a decline of 78%. Combined with the… pic.twitter.com/Z1kA7JfAda

— Wu Blockchain (@WuBlockchain) June 11, 2026

Treasury companies shift focus toward capital management

Similar balance-sheet adjustments have emerged elsewhere in the Bitcoin treasury sector in recent weeks. Earlier this week, Fold disclosed that it monetized approximately $45 million worth of Bitcoin, using $20 million of the proceeds to eliminate secured debt while allocating the remaining capital toward growth initiatives. Strategy also sold 32 BTC earlier this month, its first reported Bitcoin sale in years, although the company simultaneously continued purchasing additional Bitcoin.

Recent transactions by Nakamoto Holdings, Fold, and Strategy point to a growing focus on debt reduction, liquidity management, and financing flexibility as Bitcoin remains around 50% below its October 2025 all-time high near $126,000.

Despite the sale, Nakamoto continues to hold more than 4,400 BTC on its balance sheet. The transaction reduced debt, extended loan maturities into 2027, and lowered financing costs without materially changing the company’s long-term Bitcoin treasury position.

The refinancing is expected to reduce annual financing costs by about $4 million, while the company has also authorized a share repurchase program of up to $25 million through the end of 2026.