Nakamoto sold about 600 Bitcoin to repay Kraken. The buyback is the real signal.
Debt got paid down, but not cleared. The cleaner headline is the $25 million buyback, not the remaining Kraken loan.
CryptoVibe Desk · bitcoin · nakamoto · kraken
- →Bitcoin Magazine says Nakamoto sold about 600 Bitcoin and related positions, using roughly $48 million to repay Kraken debt.
- →The company still has 165 million USDT of Kraken debt, so the buyback does not erase balance-sheet risk.
- →Watch the 60 million USDT tranche due Dec. 4, 2026, and whether the 2,000 Bitcoin collateral stays intact.
- USDT → USDT is a dollar-pegged crypto token issued by Tether.
- derivative positions → Derivative positions are contracts whose value moves with Bitcoin instead of direct Bitcoin holdings.
- share repurchase → A share repurchase is when a company uses cash to buy back its own stock.
Nakamoto sold about 600 Bitcoin and related positions to repay Kraken debt.
The company said it used about $48 million of net proceeds to repay $45 million owed under a Kraken loan, per Bitcoin Magazine. Bitcoin Magazine disclosed it is published by BTC Inc., a Nakamoto subsidiary, so this is company-side sourcing.
The tape matches the story, for now. Nakamoto also authorized up to $25 million in share repurchases through Dec. 31, 2026. Bitcoin Magazine said NAKA briefly climbed 20% after the balance-sheet update.
The debt did not vanish. The report says Nakamoto still has 165 million USDT outstanding with Kraken: 60 million USDT due Dec. 4, 2026, and 105 million USDT extended to June 30, 2027. The new term sheet sets interest at 7.75% per year, down from 8.0%, and requires 2,000 Bitcoin of baseline collateral at Bitwise.
The only number that matters is the Bitcoin left. Bitcoin Magazine says Nakamoto retained about 4,467 Bitcoin on its balance sheet after the sale. If you're holding NAKA, the buyback headline is cleaner than the debt schedule.
Nasdaq also sent Nakamoto a June 9 letter confirming regained compliance with the $1.00 minimum bid rule, according to the report. That removes one listing problem. The next test is cash management, not optics.
Nakamoto's choice to pair a 600-Bitcoin sale with a $25 million buyback is aggressive, because the Kraken loan still leaves 165 million USDT outstanding.
By Dec. 4, 2026, watch whether Nakamoto pays down the 60 million USDT tranche or extends it again in a filing or company update.
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