David Bailey's Bitcoin treasury company, Nakamoto Inc. (NASDAQ: NAKA), reduced its Bitcoin ($BTC) holdings by another 184 $BTC, according to its latest quarterly financial results.
The company, which has made Bitcoin central to its corporate strategy, held 4,283 $BTC as of Sept. 30, down from 4,467 $BTC at the end of June.
Bitcoin Treasuries reported that Nakamoto sold 184 $BTC in the third quarter of 2026, bringing its total holdings to 4,283 $BTC. The company currently ranks 21st in the Bitcoin 100 corporate treasury ranking.
Nakamoto's latest financial filing shows approximately $13.2 million in additional proceeds from digital asset sales during the quarter. However, it does not identify the reduction of 184 $BTC 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 was not the first time Bailey's company reduced its Bitcoin holdings in 2026.
In March, Nakamoto sold approximately 284 $BTC for $20 million to support working capital needs and fund operations after acquiring $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, then sold around 40 $BTC.
Nakamoto 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 the 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 growing financial pressure
The latest reduction in Bitcoin holdings comes as Nakamoto manages 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.
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 said Nakamoto intends to build businesses capable of generating revenue across different Bitcoin market cycles.
The company's latest reduction in Bitcoin holdings shows that corporate treasury strategies can involve selling cryptocurrency to meet financing and operational needs, rather than simply accumulating $BTC indefinitely.
