bitcoin
Nakamoto shares fall 6% premarket after Q3 revenue turns negative
A $5.8 million loss on Bitcoin options pushed operating revenue below zero, and higher Bitcoin prices lifted net income to $85.5 million.
Reported by 2 outlets · CoinTelegraph · cryptobriefing.com
The Nasdaq-listed firm, ticker NAKA, reported third-quarter 2026 results on November 12. Total operating revenue came in at negative $1.9 million. Shares fell about 6-7% after the disclosure and closed at $5.79.
The culprit was a net derivative loss of $5.8 million tied to Bitcoin options. That loss was large enough to wipe out the rest of the company's operating revenue and then some. The timing is what makes this awkward.
Bitcoin climbed from $58,532 at the end of June to $83,565 by the end of September. Whatever the exact setup, the outcome was clear. The derivatives book cost the company $5.8 million during a quarter most Bitcoin holders would describe as pleasant.
The bottom line looked very different from the top line, though. Nakamoto reported GAAP net income of $85.5 million for the quarter. That profit came mainly from a $110.4 million unrealized gain on the company's Bitcoin holdings. Unrealized means the coins rose in value on paper, but nothing was sold to lock in the gain.
