The latest financial filing shows that Nakamoto generated approximately $13.2 million in additional proceeds from digital asset sales during the quarter. However, the filing does not separately identify the 184 $BTC reduction as a single sale.
Despite the reduction in its holdings, Nakamoto's remaining Bitcoin was valued at approximately $357.9 million at the end of September.
Nakamoto's 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.
According to its second-quarter financial results, Nakamoto sold approximately 600 $BTC for 35.6 million $USDT.
Together with proceeds from certain Bitcoin derivative positions, the 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.
Nakamoto faces mounting financial pressure
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.
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.
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.
Bailey has maintained that Nakamoto intends to build businesses capable of generating revenue throughout different Bitcoin market cycles.
The company's latest Bitcoin holdings reduction illustrates how corporate treasury strategies can involve selling cryptocurrency to meet financing and operational requirements, rather than simply accumulating $BTC indefinitely.
u.today
