How a Bitcoin Treasury company sold 600 BTC to cut debt but still ended up with $60 million due in December
Nakamoto faces a year-end liquidity test as 60 million USDT of a Bitcoin-backed loan matures on Dec. 4. At June 30, it had $19.1 million in cash and only 662 unencumbered BTC, worth about $38.7 million, against the payment due. Most of its 4,467 BTC holdings were pledged as collateral: 3,805 BTC, worth roughly $222.7 million, secured the facility. Total cash plus free Bitcoin came to about $57.8 million, slightly below the near-term obligation. The company can use pledged Bitcoin to repay the debt at maturity, but that leaves it highly dependent on Bitcoin prices and collateral integrity. It already sold about 600 BTC in June to reduce the facility, paying down 45 million USDT and extending 105 million USDT to 2027. Maintenance and liquidation thresholds were not disclosed, so a sharp BTC decline could force more collateral or a default. The company reported a $133 million Q2 net loss, driven by impairment and mark-to-market losses.
