Nakamoto Inc., a Tennessee-based bitcoin operating and treasury company, has announced the results of its second quarter of 2026 operations. The company’s shares are listed on the Nasdaq exchange under the ticker NAKA. According to the data released on Thursday, total revenue from operations amounted to $35.9 million for the period ending June 30.
Of that figure, $10.4 million, of which came from the firm’s bitcoin treasury and derivatives strategy, while the remaining $25.6 million was generated through its media, information services, and asset management divisions.
Nakamoto Reports FY26 Q2 Results; Reports First Quarter as a Combined Companyhttps://t.co/zlWtPLUyno
— Nakamoto (@nakamoto) August 13, 2026
Despite the derivatives income, Nakamoto still posted a steep operating loss of $149.1 million was down to the non-cash goodwill impairment and mark-to-market losses related to the company’s bitcoin holdings. Nevertheless, the company’s performance this quarter was significantly better than during the same period last year.
Breaking Down The Losses & Bitcoin Sales
The firm’s operating loss this quarter was comprised of $105.2 million in goodwill impairment charges alongside $48.7 million in mark-to-market losses, of which came down to bitcoin prices. After that, the company’s operating income was $7.3 million, though net loss for the quarter still landed at $133.0 million, with a total income of $6.65 per diluted share.
As of quarter’s end, Nakamoto held 4,467 Bitcoin valued at roughly $261.5 million. During the quarter, the company has sold 600 bitcoin and some derivative instruments for about $48 million, of which the proceeds were used to pay off about 45 million DTT of the firm’s bitcoin-backed loan.
That repayment trimmed total outstanding debt by about $45 million, while a separate 105 million USDT portion of the loan was pushed out to a June 2027 maturity. The company closed the quarter holding $19.1 million in cash and $164.7 million in total debt.
Derivatives Strategy Delivers Mixed Results For The Bitcoin Segment
Digging into the derivatives numbers specifically, $9.3 million of the quarter’s $10.4 million in treasury-related revenue came from hedging strategies designed to soften downside exposure to Bitcoin price swings, while the remaining $1.2 million was generated through strategies built to profit from Bitcoin’s volatility itself.
Source: nakamoto.com
Even with that income stream contributing positively, the broader Bitcoin operations segment still posted an operating loss of $41.1 million, weighed down by $48.6 million in mark-to-market losses on Bitcoin holdings and an additional $2.2 million loss from strategic investments elsewhere in the portfolio.
A Meaningful Improvement Compared To Q1’s Steeper Losses
Context matters here, and Nakamoto’s second quarter looks considerably better next to its first. Back in Q1 2026, the company reported a net loss of $238.8 million, a period when Bitcoin’s price slid from $87,519 at the end of December 2025 down to $68,220 by March 31 a decline that triggered a $102.5 million mark-to-market hit plus a separate $107.7 million loss tied to a pre-acquisition call option strategy.
That quarter’s Bitcoin operations alone lost $109.9 million. By comparison, the second quarter’s $10.4 million in derivatives revenue, paired with a reduced Bitcoin holding and lower debt load, points toward a business gradually working to stabilize its financial footing.
Where The Stock Stands Today
As of quarter-end, Nakamoto had 17,894,943 shares outstanding and 22,361,728 fully diluted shares, with an enterprise value of $216.3 million. Following the earnings release, NAKA shares showed modest signs of recovery trading at $4.99 as of August 13 at 17:45 UTC, up 1.01% from the previous close of $4.94, according to Google Finance figures.
The stock opened at $4.97, touched an intraday high of $5.15, and dipped to a low of $4.87, with trading volume of 46,020 shares coming in well below its average of 191,960. Nakamoto’s market capitalization stood at approximately $86.84 million based on 17.40 million shares outstanding, while its 52-week range remains strikingly wide, spanning from $3.36 all the way up to $624.
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