Nakamoto Inc. (NASDAQ: NAKA), the Bitcoin-focused treasury firm led by David Bailey, has reduced its Bitcoin holdings by 184 BTC in the third quarter of 2026. The company’s latest financial report shows its Bitcoin balance standing at 4,283 BTC as of September 30, down from 4,467 BTC at the end of June.
Ongoing Bitcoin Treasury Management
Nakamoto Inc. has established itself as a leading corporate player in the Bitcoin space, with Bitcoin positioned as a central element of its balance sheet strategy. According to the Bitcoin Treasuries ranking, the company’s current holdings place it 21st among corporate entities globally.
The latest quarterly filing revealed Nakamoto generated approximately $13.2 million from digital asset sales during the third quarter. However, the document did not clarify whether the 184 BTC decrease occurred in a single transaction or through multiple sales over the quarter.
Despite this reduction, Nakamoto’s Bitcoin reserves had an estimated market value of $357.9 million by the end of September. The company continues to adjust its approach to digital asset management, balancing its holdings with general corporate objectives and financial obligations.
Previous Sales and Use of Proceeds
Nakamoto Inc. has made several notable Bitcoin sales in 2026. In March, the company sold approximately 284 BTC for $20 million to boost working capital following its acquisitions of BTC Inc. and UTXO Management. That sale was executed at an average price of $70,422 per Bitcoin, which was significantly lower than Nakamoto’s average acquisition price.
The first quarter also saw Nakamoto earn premiums of around 43 BTC via derivatives strategies, before selling about 40 BTC. Another major transaction took place in June, when the company disclosed selling roughly 600 BTC for 35.6 million USDT as part of its second-quarter results.
Combined with proceeds from derivatives positions, these activities yielded about $48 million. Nakamoto directed $45 million of these funds toward partially repaying a Bitcoin-backed loan from cryptocurrency exchange Kraken, reducing the amount owed from 210 million USDT to 165 million USDT.
Mini dictionary: Kraken, headquartered in San Francisco, is a major global cryptocurrency exchange platform that provides Bitcoin margin trading, spot trading, and staking services. Kraken also offers crypto-backed loans to corporate clients, allowing them to use digital assets as collateral for USD or stablecoin-based loans.
| Sale Date | BTC Sold | Proceeds | Main Use of Funds |
|---|---|---|---|
| March 2026 | 284 BTC | $20 million | Working capital, after acquisitions |
| June 2026 | 600 BTC | 35.6 million USDT | Debt repayment |
| Q3 2026 | 184 BTC | $13.2 million (approx.) | General operations, liquidity |
Debt Position and Financial Outcomes
As of September 30, Nakamoto had pledged approximately 3,030 BTC as collateral against outstanding debt, leaving 1,253 BTC unencumbered. The company extended the maturity of 60 million USDT in Kraken loan principal from December 2026 to December 2027, resulting in no principal repayments being scheduled for the remainder of 2026.
Nakamoto reported a net profit of $85.5 million for the third quarter, largely driven by a rise in the market value of its Bitcoin holdings. In contrast, the firm’s adjusted operating loss amounted to $15.8 million, underscoring ongoing challenges in sustaining profitability beyond fluctuations in Bitcoin’s price.
Nakamoto’s strategy demonstrates that corporate treasuries may need to sell digital assets periodically to satisfy operational and financing needs rather than strictly holding Bitcoin over the long term.
Business Plans and Strategy
David Bailey, chief executive of Nakamoto Inc., has consistently emphasized a focus on building businesses that can produce revenue regardless of Bitcoin’s market cycle. The recent series of Bitcoin sales illustrates how the company continually manages liquidity while seeking to expand its core operations.
With a combination of Bitcoin disposals and derivatives activity, Nakamoto continues to manage its balance sheet in coordination with debt payments and corporate growth initiatives.
