The balance sheet math
The numbers come from Nakamoto's second-quarter earnings report, which also shows a net loss of $133 million. That includes a $105.2 million non-cash goodwill impairment and $48.7 million in mark-to-market losses on its Bitcoin holdings. Adjusted operating income, however, turned positive at $7.3 million, helped by $10.4 million in derivative revenue. CEO David Bailey said the quarter marked the company's first positive adjusted operating income since it became a Bitcoin operating company.
How Nakamoto trimmed its debt
The $60 million due in December is part of a larger credit facility that Nakamoto has been paying down. In June, the company sold 600 BTC for 35.6 million USDT and unwound derivative hedges, generating roughly $48 million in net proceeds. It used that to pay down 45 million USDT, cutting the facility from 210 million to 165 million. The facility also includes a 105 million USDT tranche that matures in June 2027.
The credit facility's fine print
The loan's interest rate depends on how much Bitcoin Nakamoto keeps in a designated account. If it maintains at least 2,000 BTC there, the fee is 7.75%; otherwise it rises to 8%. That threshold is
