How a Bitcoin Treasury company sold 600 BTC to cut debt but still ended up with $60 million due in December

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.

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.

However, assessing the firm’s near-term liquidity is complicated by its treasury structure: the vast majority of its digital asset holdings are already locked up as collateral for the facility.

At the close of the quarter, Nakamoto held 4,467 Bitcoin valued at roughly $261.5 million. Of that stockpile, 3,805 BTC, worth approximately $222.7 million, was pledged to crypto exchange Kraken to secure the loan.

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