Nakamoto shares fall 6.5% premarket after options loss pushes revenue negative
The Nasdaq‑listed Bitcoin treasury firm posted net income of $85.5 million driven by a $110.4 million asset revaluation despite a $5.8 million options loss.
By Lakshya Mishra, YourKhabri Desk1 min readNakamotoBitcoin optionsQ3 earningsstock declinecrypto treasury
Key takeaways
- 1Shares fell 6.5% pre‑market to $5.40
- 2Operating revenue negative $1.9 million in Q3
- 3Bitcoin options loss $5.8 million
- 4Net income $85.5 million driven by $110.4 million asset revaluation
- 5Holding 4,283 BTC worth $357.9 million as of Sept 30
Nakamoto shares fell 6.5% in pre‑market trading on Friday, touching $5.40 at 12:02 pm UTC, after the Nasdaq‑listed Bitcoin treasury firm reported that losses on its Bitcoin options pushed third‑quarter operating revenue below zero. Nakamoto’s filing showed the decline.
The filing disclosed $3.9 million of revenue from its businesses, but a $5.8 million net loss on Bitcoin options resulted in total operating revenue of negative $1.9 million. Analysts had expected about $17.4 million in revenue, according to estimates compiled by Yahoo Finance.
Despite the operating loss, Nakamoto posted net income of $85.5 million, driven by a $110.4 million gain from revaluing its digital‑asset holdings, chiefly Bitcoin. The adjusted operating loss of $15.8 million excludes that revaluation.
The company held 4,283 BTC worth $357.9 million at 30 September, down from 4,467 BTC at the end of June. The options programme, launched with Bitwise and Kraken, is intended to provide downside protection tied to Kraken loan collateral, according to Nakamoto.
Shares are down roughly 62% year‑to‑date, reflecting investor concern over the revenue miss and the reliance on asset revaluation for profit. Traders will watch whether Nakamoto adjusts its options exposure or diversifies its revenue streams in the next quarter.
Nakamoto did not comment on future strategy. The filing indicates the firm will report its next quarterly results after the market close on February 28, when analysts will assess the impact of the options loss on cash flow and balance‑sheet strength.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.