Key Highlights
- Nakamoto reported $35.9 million in total operating revenue for Q2 2026, with $10.4 million generated by its Bitcoin treasury and derivatives strategy.
- The company recorded a $133 million net loss, largely due to non-cash goodwill impairment and mark-to-market losses on digital assets.
- Bitcoin derivatives revenue included $9.3 million from protective strategies and $1.2 million from volatility income strategies.
Nakamoto Inc. (NASDAQ: NAKA), a Tennessee-based Bitcoin operating and treasury company, released its financial and operating results on Thursday for the second quarter ended June 30, 2026.
The company reported total operating revenue of $35.9 million, including $10.4 million from its Bitcoin treasury and derivatives strategy. The remaining $25.6 million came from its media & information services and asset management businesses.
Nakamoto recorded an operating loss of $149.1 million, including $105.2 million in non-cash goodwill impairment charges and $48.7 million in mark-to-market losses on digital assets, primarily Bitcoin. Adjusted operating income was $7.3 million, while net loss was $133.0 million, or $6.65 per diluted share.
Bitcoin holdings and sales
As of June 30, 2026, Nakamoto held 4,467 Bitcoin with an aggregate fair value of approximately $261.5 million.
During the quarter, the company sold approximately 600 Bitcoin. Net proceeds from the sale of the Bitcoin and certain derivative positions totaled $48 million. The proceeds were used primarily to repay 45 million USDT of the company’s Bitcoin-backed loan.
The repayment reduced outstanding debt by approximately $45 million. A portion of the remaining loan principal, approximately 105 million USDT, was extended to June 30, 2027. At quarter-end, the company reported cash and cash equivalents of $19.1 million and total debt of $164.7 million.
Bitcoin derivatives and treasury activity
Revenue from the Bitcoin treasury and derivatives strategy totaled $10.4 million in the second quarter. Of that amount, $9.3 million was generated from protective strategies that mitigated a portion of downside exposure to Bitcoin, and $1.2 million came from strategies designed to capture income from Bitcoin volatility.
Despite the derivatives revenue, the Bitcoin operations segment recorded an operating loss of $41.1 million. Mark-to-market losses on Bitcoin holdings totaled $48.6 million, while strategic investments generated an additional $2.2 million loss.
Q2 results improved from the first quarter
Nakamoto’s second-quarter results came after a significantly larger loss in the first quarter of 2026.
In the first quarter, the company reported a net loss of $238.8 million. Bitcoin prices declined from $87,519 at the end of December 2025 to $68,220 by March 31, 2026. The move resulted in a $102.5 million mark-to-market loss on Nakamoto’s Bitcoin holdings and a $107.7 million decline related to a pre-acquisition call option strategy.
Bitcoin operations in the first quarter posted a $109.9 million operating loss. By comparison, second-quarter Bitcoin derivatives revenue rose to $10.4 million while the company reduced its Bitcoin holdings through the sale of approximately 600 coins and lowered its debt balance.
As of June 30, Nakamoto had 17,894,943 shares outstanding and 22,361,728 fully diluted shares outstanding. Enterprise value was $216.3 million.
How Nakamoto stock is performing today
Following the release of Q2 results, NAKA is showing signs of recovery. At the time of this writing (on August 13, 2026, at 17:45 UTC), Nakamoto Inc. (NAKA) traded at $4.99, up 1.01% or $0.05 from the previous close of $4.94, according to Google Finance data.
The stock opened at $4.97, reached a high of $5.15, and fell to a low of $4.87 during the session. Trading volume stood at 46,020 shares, below the average of 191,960. The company’s market capitalization was approximately $86.84 million based on 17.40 million shares outstanding. Its 52-week trading range was $3.36 to $624.
Also Read: Metaplanet Launches BitBonds Program to Back its Bitcoin Strategy
