Nakamoto refinances Kraken debt while trading far below Bitcoin NAV

Bitcoin treasury firm Nakamoto Holdings has refinanced more than $100 million in crypto-backed debt while authorizing a $25 million share buyback. This comes as the company trades at a steep discount to the value of its Bitcoin holdings.

In a June 11 update, the company said it sold roughly 600 BTC and related derivatives for approximately $48 million. Nakamoto used about $45 million of the proceeds to repay debt tied to its Kraken credit facility.

The move comes as investors increasingly scrutinize leveraged Bitcoin treasury companies following recent market volatility and concerns around forced selling.

Despite the partial BTC sale, Nakamoto said it still holds 4,467 BTC worth roughly $280 million at current prices.

Nakamoto extends Kraken facility into 2027

The company also refinanced and extended approximately $105 million of remaining debt obligations into 2027.

According to the announcement, the refinancing lowers financing costs, improves collateral flexibility, and is expected to reduce annual interest expenses by around $4 million.

Kraken participated in the refinancing alongside BitGo and Bitwise, which now oversee custody arrangements tied to the facility.

Nakamoto described the restructuring as part of a broader effort to strengthen its balance sheet while maintaining long-term Bitcoin exposure.

Treasury discount highlights investor skepticism

The refinancing announcement arrives as Nakamoto trades at a deep discount to the value of its Bitcoin treasury.

Data from BitcoinTreasuries.net shows the company’s mNAV multiple has fallen to around 0.33x. This implies the market values Nakamoto at roughly 67% below the estimated net asset value of its BTC holdings.

The company currently holds nearly $280 million worth of Bitcoin while maintaining a market capitalization of roughly $76 million, according to the data.

The discount suggests investors remain cautious about leverage, financing risks, and the long-term sustainability of Bitcoin treasury strategies during periods of volatility.

Buyback signals confidence in treasury strategy

Alongside the refinancing, Nakamoto’s board authorized a share repurchase program of up to $25 million.

The move may signal management believes the company’s equity is undervalued relative to the size of its Bitcoin treasury.

The announcement also comes shortly after broader market discussions around whether Bitcoin treasury firms could face pressure to liquidate holdings during prolonged downturns.

Rather than abandoning its strategy, Nakamoto is repositioning its balance sheet while preserving most of its BTC reserves.

Final Summary

• Nakamoto refinanced more than $100m in Kraken-backed debt while preserving 4,467 BTC on its balance sheet.
• The company also approved a $25m buyback as its shares traded far below the estimated value of its Bitcoin holdings.