Bitcoin treasury company Nakamoto, the Nasdaq-listed parent of Bitcoin Magazine, reduced its credit facility by selling roughly 600 BTC, yet still faces a near-term balance-sheet test with about $60 million in USDT maturing on December 4.
According to second-quarter regulatory filings, Nakamoto held 4,467 BTC valued at approximately $261.5 million at the end of June. Of that amount, 3,805 BTC worth about $222.7 million was pledged to crypto exchange Kraken as collateral, leaving only 662 unencumbered BTC worth roughly $38.7 million. Together with $19.1 million in cash, the company had about $57.8 million in available liquidity, narrowly below the $60 million obligation due in December.
The company said the June sale of 600 BTC for 35.6 million USDT, alongside unwinding select derivative hedges, generated about $48 million in aggregate net proceeds. Nakamoto directed 45 million USDT toward paying down the facility, cutting the total balance from 210 million USDT to 165 million USDT, while extending 105 million USDT of principal to mid-2027. The firm maintains a Bitcoin treasury strategy and framed the move as debt reduction, refinancing, and share buyback authorization rather than a full exit from its BTC holdings.
Nakamoto did not disclose the facility's specific maintenance or liquidation thresholds, but noted that the annual loan fee is 7.75% if the firm keeps at least 2,000 BTC in a designated account, rising to 8% if balances fall below that level. The 2,000 BTC marker is a pricing tier rather than a margin trigger. A sustained decline in Bitcoin prices could impair the company's ability to service debt and fund operations, the filing acknowledged.
Nakamoto posted a second-quarter net loss of $133 million, driven by a $105.2 million non-cash goodwill impairment and $48.7 million in mark-to-market losses on digital assets. Adjusted operating income was $7.3 million, supported by $10.4 million in derivative revenue. Chairman and CEO David Bailey said the quarter delivered the first positive adjusted operating income since Nakamoto became a Bitcoin operating company.
