TLDR
Nakamoto held 4,467 Bitcoin worth about $343.2 million, far above its roughly $126.2 million market capitalization.
The company posted a $133 million net loss in Q2 2026, following a $238.8 million loss in the previous quarter.
About 3,805 Bitcoin are pledged as collateral, while Nakamoto reported total debt of $164.7 million.
Nakamoto bought Bitcoin at an average price of $118,204, leaving much of its treasury below the original purchase level.
Adjusted operating income reached $7.3 million, marking the company’s first positive adjusted operating result as a Bitcoin-focused business.
Media and information services generated $25.1 million in revenue, including $22.6 million from the Bitcoin 2026 conference.
Nakamoto trades at a discount to its Bitcoin holdings after a fall in its share price and quarterly losses. The company, chaired by President Donald Trump crypto adviser David Bailey, held 4,467 Bitcoin worth $343.2 million on September 2. Its market value stood near $126.2 million on September 1, according to Yahoo Finance.
Nakamoto Reports $133 Million Quarterly Loss
Nakamoto reported a $133.0 million net loss for the second quarter of 2026, after losing $238.8 million in the first quarter. Revenue reached $35.9 million, while the company recorded a $149.1 million operating loss. Shares closed at $7.05 on September 1, down 5.87% for the session.
Two non-cash charges drove most of the loss. The company recorded $105.2 million in goodwill write-downs and $48.7 million in losses on digital assets. Excluding those items, adjusted operating income reached $7.3 million, the first positive result since Nakamoto became a Bitcoin operating company.
Bitcoin Holdings Back Large Debt Load
BitcoinTreasuries data shows Nakamoto held 4,467 Bitcoin, with 3,805 coins pledged as collateral. Total debt stood at $164.7 million, while cash reached $19.1 million. The company reported a 56% net leverage to digital assets ratio.
During the quarter, Nakamoto repaid 45 million USDT of a Bitcoin-backed loan. It funded most of the repayment by selling about 600 Bitcoin and derivative positions for roughly $48 million. The company also extended about 105 million USDT of principal to June 30, 2027.
Share Price Collapse Follows Bitcoin Strategy
Nakamoto built its strategy around issuing shares and using the proceeds to buy Bitcoin. The model works best when the stock trades above the value of its Bitcoin holdings. The current discount makes that approach harder to maintain.
The company bought 5,743 Bitcoin for about $679 million after its merger with KindlyMD in August 2025. The average purchase price was $118,204 per coin. Bitcoin later fell below $60,000 before recovering toward $80,000, leaving much of the treasury below its purchase price.
Media Business Drives Revenue
Nakamoto completed the closure of its healthcare clinics in June and shifted toward Bitcoin, media, and asset management. Media and information services generated $25.1 million of revenue, including $22.6 million from the Bitcoin 2026 conference.
The company acquired BTC Inc and UTXO Management in February for $107 million in stock. Those businesses now provide operating revenue. The board also approved a share repurchase programme of up to $25 million.
