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Institutions & ETFs · 1 min read

Nakamoto Shares Drop 6.5% as Q3 Operating Revenue Turns Negative

A $5.8 million Bitcoin options loss pushed operating revenue to negative $1.9 million, missing analyst expectations despite an $85.5 million net profit.

Editorial oversight: Julian Mercer, Chief Editor
Bearish
$BTC $69,427 −4.0%

At a glance

What happened
Nakamoto reported a $5.8 million loss on Bitcoin options, dragging its Q3 operating revenue to negative $1.9 million and sending shares down 6.5% in premarket trading on Nov. 13.
Why it matters
The results demonstrate how derivatives losses can overwhelm operating revenues for corporate crypto treasuries, even as spot revaluations inflate accounting net income.
Who is affected
Nakamoto equity investors and public companies deploying options strategies on digital asset balance sheets.
What's next
No next step announced.
Primary source
cointelegraph.com: Nakamoto shares fall 6% premarket after Q3 revenue turns negative

Key points

  • Nakamoto shares dropped 6.5% premarket to $5.40 following its third-quarter financial results.
  • A $5.8 million loss on Bitcoin options resulted in a negative operating revenue of $1.9 million, below consensus estimates of $17.4 million.
  • Unrealized gains of $110.4 million from Bitcoin revaluations carried total net income to $85.5 million for the quarter.

Shares of Nasdaq-listed Bitcoin treasury firm Nakamoto slipped 6.5% in premarket trading on Nov. 13 after reporting third-quarter operating revenue that dipped below zero 1. The company's stock traded at $5.40 at 12:02 pm UTC on Friday, leaving it down roughly 62% year to date 1. At the time of writing, the broader crypto market faced pressure as $BTC traded at $69,647, down 4.1% over the past 24 hours.

The downturn followed the release of Nakamoto's third-quarter earnings report on Thursday evening 1. Although the company generated $3.9 million in revenue from core operations, a $5.8 million net loss on $BTC options brought net operating revenue to negative $1.9 million 1. This missed consensus forecasts, as analysts surveyed by Yahoo Finance had anticipated roughly $17.4 million in quarterly revenue 1. Nakamoto also posted an adjusted operating loss of $15.8 million, which excludes mark-to-market adjustments on its crypto holdings 1.

Digital Asset Valuations Drive Net Income

Despite the negative operating turnover, Nakamoto booked $85.5 million in overall net income for the third quarter 1. The bottom-line profit was driven by a $110.4 million unrealized gain from revaluing its balance-sheet crypto assets, primarily Bitcoin 1.

Nakamoto's actual cryptocurrency reserves fell slightly during the quarter 1. As of Sept. 30, the firm held 4,283 BTC with a stated value of $357.9 million, compared to 4,467 BTC on its balance sheet at the close of June 1.

Sources

  1. [1] Nakamoto shares fall 6% premarket after Q3 revenue turns negative — cointelegraph.com, November 13, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

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