Nakamoto posts $85.5M Q3 profit despite negative revenue

Bitcoin treasury company Nakamoto (NAKA) reported third-quarter 2026 results: net income of $85.5 million, while operating revenue was negative at -$1.9 million. The profit came from a $110.4 million revaluation of digital assets.

Details

According to the 10-Q, Nakamoto held 4,283 BTC worth $357.9 million on September 30; 3,030 BTC (71%) is pledged as collateral and 1,253 BTC is unencumbered. Cash stood at $19.4 million. The bitcoin price used in the report rose from $58,532 to $83,565. Core business revenue was $3.9 million, and derivative losses of $5.8 million pushed total revenue below zero. The nine-month net loss is $286.2 million.

Debt to Kraken totals $164.9 million. ForkLog reports, citing an 8-K, that terms were restructured on November 11: repayment of $60 million in USDT is deferred to December 4, 2027, and the remaining $105 million in USDT is due by June 30, 2027.

What this means for the market

The quarterly profit is a paper gain from the end-of-September bitcoin price, not from operations. Most of the BTC is pledged, so debt stability also depends on the price. NAKA shares fell 7.36% to $5.79 in the November 13 regular session. See the live price in the daily brief and the bitcoin page.

This is not investment advice.