> ## Content Index > Fetch the complete content index at: https://btcpeers.com/llms.txt > Use this file to discover other available public pages before exploring further. # Nakamoto Shares Fall After Options Losses Push Q3 Revenue Below Zero - URL: https://btcpeers.com/nakamoto-shares-fall-after-options-losses-push-q3-revenue-below-zero/ - Published: 2026-11-13T20:08:40.000Z - Updated: 2026-11-13T20:08:40.000Z - Author: Albert Morgan - Tags: Bitcoin, News Nakamoto (NAKA), a Nasdaq-listed Bitcoin treasury company, reported negative third-quarter revenue after the market closed on Thursday. Shares fell about 6.5% in premarket trading on Friday to $5.40\. The stock is down roughly 62% this year. Its businesses earned $3.9 million in the quarter. A $5.8 million loss on Bitcoin options pushed total operating revenue to negative $1.9 million. Analysts expected about $17.4 million. The headline profit looks better than the business. Nakamoto booked $85.5 million in net income, driven by a $110.4 million gain from revaluing its digital assets. Without that gain, the company posted a $15.8 million adjusted operating loss. Bitcoin holdings fell to 4,283 BTC on Sept. 30 from 4,467 BTC at the end of June. Those coins were worth $357.9 million at quarter end. At today’s price near $69,300, they are worth about $297 million. Bitcoin itself is weak. It dropped about 4% to below $70,000 on Friday, and BlackRock’s Bitcoin ETF has lost about $2 billion over nine sessions. That backdrop makes any treasury company’s balance sheet harder to defend. The options loss traces to a program Nakamoto runs with Bitwise and Kraken. It began in the first quarter of 2026 and was announced on April 24\. The company writes covered calls and call spreads on part of its Bitcoin to collect premiums. It also buys protective puts. The strategy pays when Bitcoin trades sideways or falls. It loses when Bitcoin rallies, because the written calls gain value against Nakamoto. Based on the holdings figures, Bitcoin rose from about $58,500 to about $83,600 during the quarter. The call losses fit that move. The program has produced income before. In the first quarter it generated about 43 BTC in premiums. The company’s own risk disclosures say written calls can limit gains and that net premiums may not cover program costs. The history explains why the company needs that income. KindlyMD, a small Utah healthcare operator, announced a merger with David Bailey’s Nakamoto Holdings in May 2025\. More than $700 million in financing backed the deal. The stock peaked near $34. The merger closed in mid-August 2025, and the Bitcoin holdings peaked at 5,765 BTC. Early investors had bought PIPE shares at $1.12\. When those shares unlocked in September, heavy selling followed. By late October the stock traded below $1. Nasdaq sent a deficiency notice on Dec. 10, 2025, for trading under $1\. The company renamed itself Nakamoto Inc. in January 2026\. In February it bought BTC Inc. and UTXO Management, two companies founded by Bailey, for stock worth $81.6 million. BTC Inc. runs Bitcoin Magazine and The Bitcoin Conference. Those deals were meant to create revenue that does not depend on Bitcoin’s price. Bitcoin Magazine TV, a structured credit fund at UTXO, and events in Hong Kong are the newest efforts. Revenue reached $35.9 million in the second quarter, so the third-quarter figure is a sharp drop. Cash needs forced Bitcoin sales. Nakamoto sold 284 BTC in March at about $70,400, roughly 40% below its cost. That quarter it lost $238.8 million. In June it sold about 600 BTC to repay $45 million of a Kraken loan. The reverse split came in between. A 1-for-40 split on May 22 cut shares from 696.1 million to 17.4 million. The stock opened at $4.70, below the expected price, and Nasdaq compliance was restored. Today’s $5.40 price sits only modestly above that opening level. Debt is the next test. On Nov. 11, Nakamoto extended 60 million USDT of its 165 million USDT Kraken facility from Dec. 4, 2026 to Dec. 4, 2027\. The other 105 million USDT matures on June 30, 2027\. No principal falls due this year. The loan is secured by pledged Bitcoin and carries an annual fee of 7.75%. The rate rises to 8% if Nakamoto holds fewer than 2,000 BTC in its designated account. The company has not disclosed its margin or liquidation thresholds. Some points favor the company. It has no principal due in 2026\. Its media and asset management units produce revenue beyond Bitcoin holdings. It also still holds more than 4,000 BTC and runs a hedging program built to cushion a falling market. The risks are larger. The core business still loses money before accounting gains. The options program cost the company in a rising market. A lower Bitcoin price shrinks the collateral behind its debt, and the shares have repeatedly traded below the value of the Bitcoin the company holds. Readers should watch three things. The first is whether the options program produces net income in a flat or falling market. The second is whether media and events revenue returns to the second-quarter level. The third is how Nakamoto handles the 105 million USDT due in June 2027.