Nakamoto's Bitcoin holdings fall by 184 BTC to 4,283 BTC in third quarter
In brief
- Nakamoto held 4,283 BTC on Sept. 30, down 184 BTC from 4,467 BTC at the end of June.
- Digital asset sale proceeds totaled about $13.2 million in the filing, which didn't identify one sale.
- Roughly 3,030 BTC is pledged as debt collateral, leaving 1,253 BTC unencumbered.
- Q3 net profit came to $85.5 million, and the adjusted operating loss was $15.8 million.
What the Q3 filing shows
Bitcoin Treasuries, which tracks corporate holdings, says Nakamoto sold 184 BTC during the third quarter of 2026. The filing is less specific. It showed approximately $13.2 million in additional proceeds from digital asset sales during the quarter, but it didn't separately identify the 184 BTC reduction as a single sale, U.Today reported.
Nakamoto's remaining Bitcoin was valued at approximately $357.9 million at the end of September. The company ranks 21st on the Bitcoin 100 corporate treasury ranking.
Not all of that stack is free to move.
As of Sept. 30, approximately 3,030 BTC were pledged as collateral against the company's debt, which leaves 1,253 BTC unencumbered, according to the filing. On the income statement, Nakamoto reported a third-quarter net profit of $85.5 million (mostly from an increase in the market value of its Bitcoin holdings) and an adjusted operating loss of $15.8 million.
Earlier sales this year
This isn't the first reduction in 2026. In March, Nakamoto sold approximately 284 BTC for $20 million to support working capital and fund operations after its acquisitions of BTC Inc. and UTXO Management, according to earlier disclosures reported by U.Today. That sale came at an average price of roughly $70,422 per Bitcoin, below the company's original acquisition cost. During the first quarter, Nakamoto also received approximately 43 BTC in premiums from derivatives strategies before selling around 40 BTC.
June's sale was bigger. Nakamoto's second-quarter results show it sold approximately 600 BTC for 35.6 million USDT, and together with proceeds from certain Bitcoin derivative positions, the June transactions generated approximately $48 million.
The Kraken loan
The company used $45 million to partially repay its Bitcoin-backed loan from Kraken, which cut outstanding principal from 210 million USDT to 165 million USDT. On Nov. 11, Nakamoto extended the maturity of 60 million USDT of that loan from December 2026 to December 2027. That leaves no scheduled principal repayments in 2026, U.Today reported.
According to the report, Bailey has maintained that Nakamoto intends to build businesses that can generate revenue across Bitcoin market cycles.
Frequently asked questions
Did Nakamoto sell 184 BTC in a single sale in the third quarter?
The filing doesn't say so. Nakamoto's holdings fell by 184 BTC between the end of June and Sept. 30, and the filing showed about $13.2 million in proceeds from digital asset sales. It didn't separately identify the 184 BTC reduction as one sale. The 'sold 184 BTC' wording comes from Bitcoin Treasuries.
How much of Nakamoto's Bitcoin is pledged as collateral?
As of Sept. 30, approximately 3,030 BTC were pledged as collateral against the company's debt, which left 1,253 BTC unencumbered out of total holdings of 4,283 BTC, according to the filing as reported by U.Today.
