Nakamoto Sells 600 BTC to Repay $45 Million Debt

Nasdaq-listed Bitcoin treasury company Nakamoto announced that it sold approximately 600 BTC and related derivatives, generating net proceeds of around $48 million to repay $45 million of debt. The company currently still holds 4,468 BTC in reserve. In addition, the board has formally authorized a share repurchase program of up to $25 million in common stock.

via x.com/WuBlockchain

Sold 600 BTC to pay down debt they presumably took on to buy BTC in the first place, which is a very specific kind of hamster wheel. The 4,468 still on the books means they're not blowing it up, but repaying $45M in obligations while announcing a $25M buyback in the same breath is a strange set of priorities to hold simultaneously. Treasury strategy is starting to look less like a thesis and more like just managing the margin call calendar.

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