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HONG KONG, June 17 — Nakamoto, a Nasdaq-listed company that holds Bitcoin as a primary treasury asset, has sold a portion of its $BTC holdings, applied proceeds to cut outstanding debt, and authorized a share repurchase program.
The three-part move signals a shift from accumulation toward balance-sheet repair and capital return — a combination that invites scrutiny of the firm's read on Bitcoin's near-term outlook.
Unwinding the Accumulation Trade The sequence matters.
Selling Bitcoin to retire debt is the reverse of the playbook that defined the last cycle's cohort of corporate $BTC holders — firms that borrowed cheaply, bought coin, and waited for appreciation to cover the carry cost.
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