Nakamoto Options Losses Push Q3 Operating Revenue Below Zero

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Nakamoto Options Losses Push Q3 Operating Revenue Below Zero

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Nakamoto's Bitcoin options losses pushed its third-quarter operating revenue below zero, while a digital-asset revaluation gain lifted net income to $85.5 million. Shares fell in premarket trading on Nov. 13.

Nakamoto's Bitcoin options program pushed third-quarter operating revenue below zero, even as gains on its digital assets drove an $85.5 million net profit. The company owns Bitcoin Magazine publisher BTC Inc. and asset manager UTXO Management.

It reported a $5.8 million net options loss against $3.9 million of revenue from its operating businesses. Total operating revenue came to negative $1.9 million for the three months ended Sept. 30, 2026.

Revaluation gain carries the profit

The profit came from a $110.4 million gain from revaluing digital assets, chiefly Bitcoin. However, Nakamoto's adjusted operating loss was $15.8 million, a non-GAAP measure that excludes digital-asset valuation changes but includes derivatives results.

Nakamoto attributed about $3 million of the derivatives loss to protective strategies and about $2.7 million to strategies intended to earn income from bitcoin volatility. The company said its protective positions remained in place at quarter-end and could gain value if bitcoin declined.

Shares drop on the results

Cointelegraph reported that the shares fell 6.5% in premarket trading on Friday, trading at $5.40, about 62% down year to date. Analysts had expected about $17.4 million in revenue, according to estimates compiled by Yahoo Finance.

The Defiant, however, quoted shares at $5.75, down 0.7% from the previous close, at 7:21 a.m. ET on Nov. 13.

Kraken loan terms tie into the options

Nakamoto held 4,283 bitcoin worth $357.9 million at Sept. 30, down from 4,467 BTC at the end of June. Of those, 3,030 were pledged as loan collateral.

A Nov. 11 loan amendment lets the positive net value of eligible derivatives count toward collateral-call and liquidation tests on its 165 million USDT Kraken loan. The amendment also pushed a 60 million USDT payment from Dec. 4, 2026, to Dec. 4, 2027.

Sources: The Defiant, Cointelegraph

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