Bitcoin · U.S. Treasury · CryptoSlate
How a Bitcoin Treasury company sold 600 BTC to cut debt but still ended up with $60 million due in December
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Nakamoto, the parent company of Bitcoin Magazine, faces a near-term balance-sheet test at year-end, when 60 million USDT of a Bitcoin -backed credit facility comes due amid tight unencumbered liquidity and heightened market volatility.
Key facts
- Combined, Nakamoto’s cash and unencumbered Bitcoin stood at roughly $57.8 million at quarter-end, narrowly trailing the 60 million USDT obligation due Dec. 4
- According to the company’s second-quarter regulatory filings, Nakamoto held $19.1 million in cash as of June 30, while a separate 105 million USDT tranche of the loan does not mature until June 2027
- The firm 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 the principal into mid-2027
- The firm's adjusted operating income came in at $7.3 million, though that figure was heavily supported by $10.4 million in derivative revenue
Summary
01 Nakamoto sold about 600 BTC in June and paid down 45 million USDT, but still owes 60 million USDT in December. 02 At quarter-end, cash plus unencumbered Bitcoin totaled about 57.8 million USDT, leaving little cushion against the looming payment. 03 Most of Nakamoto's BTC remains pledged, and undisclosed loan thresholds mean Bitcoin's price could determine the repayment outcome. According to the company’s second-quarter regulatory filings, Nakamoto held $19.1 million in cash as of June 30, while a separate 105 million USDT tranche of the loan does not mature until June 2027.