Nakamoto Sells More Bitcoin (BTC)

The company, which has made Bitcoin central to its corporate strategy, held 4,283 BTC as of Sept. 30, down from 4,467 BTC at the end of June. The latest financial filing shows that Nakamoto generated approximately $13.2 million in additional proceeds from digital asset sales during the quarter.

Previous Bitcoin Sales

This is not the first time Bailey's company has reduced its Bitcoin holdings in 2026. In March, Nakamoto sold approximately 284 BTC for $20 million to support working capital requirements and fund operations following its acquisitions of BTC Inc. and UTXO Management. The sale took place at an average price of roughly $70,422 per Bitcoin, significantly below the company's original acquisition cost.

During the first quarter, Nakamoto also received approximately 43 BTC in premiums from its derivatives strategies before selling around 40 BTC. The company made another substantial Bitcoin sale in June, selling approximately 600 BTC for 35.6 million USDT.

Debt Management

Together with proceeds from certain Bitcoin derivative positions, the June transactions generated approximately $48 million. Nakamoto used $45 million of those proceeds to partially repay its Bitcoin-backed loan from cryptocurrency exchange Kraken, reducing the outstanding principal from 210 million USDT to 165 million USDT.

The latest reduction in Bitcoin holdings comes as Nakamoto continues to manage its substantial debt obligations while expanding its operating businesses. As of Sept. 30, approximately 3,030 BTC were pledged as collateral against the company's debt, leaving 1,253 BTC unencumbered.

Financial Performance

Interestingly, Nakamoto reported a net profit of $85.5 million for the third quarter, primarily benefiting from a substantial increase in the market value of its Bitcoin holdings. However, its adjusted operating loss reached $15.8 million, highlighting the ongoing challenge of generating sustainable earnings beyond Bitcoin price appreciation.