Nakamoto Fuels 20% Surge for NAKA Stock With Latest Bitcoin Sale

Nasdaq-listed Nakamoto Inc. (NAKA) sold approximately 600 Bitcoin (BTC) and Bitcoin-related derivative positions for around $48 million in net proceeds, repaying $45 million of its Kraken loan on Thursday.

The Bitcoin operating company also extended most of its remaining debt to June 2027 and authorized a share repurchase program of up to $25 million. It retains roughly 4,467 BTC after the transactions, with its stock rising 20% on the news.

Nakamoto (NAKA) Stock Performance. Source: TradingView

Nakamoto Sells Bitcoin to Repay Kraken and Extend Maturities

The repayment covered part of Nakamoto’s loan with Payward Interactive, which operates as Kraken, according to the company’s release.

A new term sheet under the Master Loan Agreement now governs the remaining 165 million USDT balance, down from 210 million USDT.

Under the revised terms, 60 million USDT matures on December 4, 2026. The remaining 105 million USDT runs to June 30, 2027. Moreover, the rate can drop from 8% to 7.75% if Nakamoto holds 2,000 BTC in collateral at Bitwise Asset Management.

The company expects the changes to cut annual financing costs by about $4 million. The deal also lands with Bitcoin trading near $62,992, down around 22% over the past 30 days, per BeInCrypto Markets data.

Bitcoin Price Performance. Source: BeInCrypto

“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…” CEO David Bailey shared, framing the transactions as a step toward closing the gap between the stock and its assets.

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Bitcoin Treasury Firms Face a Deleveraging Wave

Nakamoto’s announcement came one day after Fold’s own Bitcoin sale. That deal erased the payments firm’s secured debt entirely, and its stock climbed more than 140%.

Fold sold at an average of $71,000 per coin, per its statement. Nakamoto, in contrast, still carries 165 million USDT in obligations to Kraken.

The pressure extends across the sector. Bitcoin treasury stocks have fallen sharply this year as BTC retreated from its October 2025 peak of $126,080.

Meanwhile, Genius Group liquidated its entire holdings to repay creditors.

Nakamoto itself previously sold 284 BTC in 2025 while reporting a $166.2 million fair-value loss on its holdings.

Its June 9 Nasdaq compliance followed a 1-for-40 reverse split that cut shares outstanding to roughly 17.4 million.

The buyback runs through December 31, 2026, though it obligates no purchases. The remaining treasury is worth roughly $281 million at current prices, about 1.7 times the outstanding loan.

Shareholders are already rewarding the partial deleveraging as they did Fold’s clean exit, with Nakamoto’s NAKA stock jumping nearly 20% on the news.

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