Nakamoto Holdings Sold 184 BTC, Raising $13.2 Million in Q3

Nakamoto generated approximately $13.2 million from digital asset sales during the third quarter, according to its latest financial filing, which also shows a reduction of 184 BTC from the company's treasury. The filing does not break the coin reduction out as a single transaction, a gap that limits what outsiders can verify about execution and timing.

Even after the disposals, the company's remaining Bitcoin carried a value of roughly $357.9 million as of the end of September. That figure is a market price, not realized cash, and it moves with every tick in the BTC price.

How much Bitcoin has Nakamoto sold in 2026?

The third-quarter sales continue a pattern that began in March, when the firm sold approximately 284 BTC for $20 million. Management said the proceeds would support working capital and fund operations following its acquisitions of BTC Inc. and UTXO Management. The average sale price was roughly $70,422 per coin — well below Nakamoto's original acquisition cost, meaning the firm realized a loss on cost basis to raise liquidity.

During the first quarter, the company also collected approximately 43 BTC in premiums from derivatives strategies, then sold around 40 BTC. The premium income partially offsets the disposals, but it did not stop the net drawdown.

The second quarter brought the largest sale. Nakamoto's quarterly results show it sold approximately 600 BTC for 35.6 million USDT. Combined with proceeds from certain Bitcoin derivative positions, the transactions generated roughly $48 million.

The deployment of those funds is documented. Nakamoto used $45 million to partially repay its Bitcoin-backed loan from cryptocurrency exchange Kraken, cutting the outstanding principal from 210 million USDT to 165 million USDT. That single repayment retired about 21 percent of the facility.

What is the state of the company's balance sheet?

The sales are not opportunistic profit-taking; they are financing. As of Sept. 30, approximately 3,030 BTC remained pledged as collateral against company debt, leaving 1,253 BTC unencumbered. In other words, roughly 71 percent of the treasury is locked against creditors, which constrains how much flexibility management retains if markets turn against it.

On Nov. 11, Nakamoto extended the maturity of 60 million USDT of its Kraken loan from December 2026 to December 2027. The company now has no scheduled principal repayments remaining in 2026. The extension buys time, but deferral is not repayment, and the principal remains owed.

The earnings picture reflects the same tension. Nakamoto reported a net profit of $85.5 million for the third quarter, driven primarily by the increase in the market value of its Bitcoin holdings. Its adjusted operating loss reached $15.8 million over the same period. On an annualized basis, that operating loss runs near $63 million — a burn rate the treasury sales and derivatives income must eventually cover if the coin pile is not to shrink steadily.

David Bailey has maintained that Nakamoto intends to build businesses capable of generating revenue through different Bitcoin market cycles. The stated intent is clear; the quarterly numbers, so far, show revenue-generating operations still running at a loss while asset sales and mark-to-market gains carry the results.

What does this mean for corporate Bitcoin treasuries?

The filing illustrates a structural point about corporate treasury strategies: firms that pledge Bitcoin for debt may need to sell the same asset to service that debt. Nakamoto's 2026 activity — a March sale below acquisition cost, a June disposal of 600 BTC, and the latest 184 BTC reduction — shows accumulation is not indefinite when leverage and operating costs are present.

The near-term schedule is now explicit. With no principal repayments due before the December 2026 maturities that were pushed to 2027, the next hard test of the model arrives with the extended Kraken deadline — unless the operating businesses close their loss before then.