Nakamoto Shares Fall After Options Losses Push Q3 Revenue Below Zero

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.