Nakamoto shares fall 6% premarket after Q3 revenue turns negative
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Written by
Simonas Brazionis - Updated 2026-11-13 19:57:02
Nakamoto shares experienced a 6.5% decline in premarket trading on Friday following the company's report of negative operating revenue in the third quarter. This downturn was attributed to losses incurred from Bitcoin options.
Concurrently, the Bitcoin treasury company, listed on Nasdaq, announced a one-year extension for the repayment of $60 million in Bitcoin-backed debt owed to Kraken.
Third Quarter Financial Performance
By 12:02 pm UTC on Friday, Nakamoto shares were trading at $5.40, marking a year-to-date decrease of approximately 62%. The company released its third-quarter results after market close on Thursday.
The results revealed $3.9 million in revenue from its core businesses. However, a net loss of $5.8 million from Bitcoin options resulted in a total operating revenue of negative $1.9 million for the quarter. This figure fell short of analyst expectations, which had projected around $17.4 million in revenue.
Despite the operating loss, Nakamoto reported a net income of $85.5 million, largely driven by a $110.4 million gain from the revaluation of its digital assets, primarily Bitcoin (BTC). The adjusted operating loss for the quarter, excluding this gain, stood at $15.8 million. As of September 30, Nakamoto held 4,283 BTC, valued at $357.9 million, a decrease from 4,467 BTC at the end of June.
Amended Debt Agreement with Kraken
The amended loan agreement with Kraken extends the due date for $60 million in Tether USDt (USDT) from December 4, 2026, to December 4, 2027. The total outstanding debt to Kraken remains at 165 million USDT, with the remaining 105 million USDT due on June 30, 2027. No principal repayments are scheduled for 2026.
The revised terms also permit the positive net value of certain Bitcoin derivative positions with Kraken to contribute towards collateral requirements. This could potentially mitigate the need for additional collateral or partial loan repayment if the value of pledged Bitcoin declines. As of the end of September, Nakamoto had pledged 3,030 BTC, representing about 71% of its total holdings, as collateral.
