Nakamoto Shares Drop 6.5% After Quarterly Report

Shares of the American company Nakamoto (NASDAQ: NAKA), specializing in bitcoin reserves and cryptocurrency-related businesses, lost 6.5% in pre-market trading on November 13, 2026. The decline followed the release of third-quarter financial results, which showed the company's total operating revenue was negative due to losses on bitcoin options. According to Yahoo Finance, at 12:02 UTC, the securities were trading at $5.40, and their value had decreased by approximately 62% since the beginning of the year.

Why Nakamoto's Operating Revenue Turned Negative

In the third quarter of 2026, Nakamoto earned $3.9 million in revenue from its core business areas. However, operations with bitcoin derivatives resulted in a net loss of $5.8 million. As a result, the total operating revenue, according to the company's accounting methodology, amounted to minus $1.9 million.

The actual results were significantly below analysts' expectations, who, according to Yahoo Finance, had forecasted revenue of $17.4 million.

In its official report, Nakamoto explained that the increase in bitcoin's value during the quarter negatively affected the valuation of its options positions. The company uses derivatives both to hedge price risks and to generate income from fluctuations in the cryptocurrency market.

How the Company Achieved $85.5 Million Net Profit

Despite negative operating revenue, Nakamoto ended the third quarter with a net profit of $85.5 million. The main factor was the increase in the fair value of digital assets, primarily bitcoin, which resulted in a positive revaluation of $110.4 million.

According to GAAP standards, the company's operating profit was $91.9 million. However, the adjusted operating result, excluding the impact of crypto asset revaluation, was negative – a loss of $15.8 million.

Thus, the positive final financial result was mainly due to the change in the market value of digital assets, rather than income from the company's core business areas.

How Nakamoto's Bitcoin Reserves Changed

As of September 30, Nakamoto held 4,283 BTC with a total value of about $357.9 million. At the end of June, the company had 4,467 BTC on its balance sheet. Thus, during the third quarter, the number of bitcoins decreased by 184 BTC.

According to the report, 3,030 BTC from the reserves were used as collateral for the company's credit obligations.

Nakamoto's financial indicators reflect the impact of changes in cryptocurrency value on the business of companies forming large bitcoin reserves. In this case, the rise in BTC price increased accounting profit but simultaneously led to losses on some options operations.