Nakamoto Sells 600 Bitcoin to Repay Debt

Nakamoto Holdings Inc. (NAKA), a digital-asset investment firm, sold part of its Bitcoin holdings to repay debt.

The company said in a press release on June 11 that it raised about $48 million by selling roughly 600 Bitcoin and Bitcoin-related derivatives positions. It used the proceeds to repay a $45 million loan from Kraken.

The sale reduced Nakamoto's outstanding debt to $165 million. Of that amount, $105 million had its maturity extended to June 30, 2027. The company also said it could cut the loan's interest rate to as low as 7.75% from 8.0%.

Chief Investment Officer Tyler Evans said recent volatility in the Bitcoin market highlighted the importance of maintaining a sound balance sheet. By reducing debt and extending maturities, the company improved its financial flexibility, he added.

Nakamoto held 4,467 Bitcoin after the sale.