Nakamoto reports $133 million loss amid Bitcoin market decline
The company strengthened its balance sheet by paying down about $45 million of debt and extending approximately $105 million of principal to June 2027.
Nakamoto reported its first full quarter operating as an integrated Bitcoin company, with $35.9 million in operating revenue and $7.3 million in adjusted operating income.
The company nevertheless recorded a $149.1 million operating loss and $133 million net loss after significant non-cash goodwill impairment and Bitcoin-related mark-to-market losses.
Media and information services accounted for $25.1 million of revenue, driven by the $22.6 million Bitcoin 2026 conference, while Bitcoin treasury and derivatives strategies generated $10.4 million. Nakamoto said Bitcoin 2026 revenue was about 73% above the comparable Bitcoin 2023 event when adjusted for the market cycle.
Nakamoto reduced its Bitcoin-backed debt by approximately $45 million, mainly using proceeds from selling about 600 Bitcoin and derivatives, while preserving most of its treasury. The company ended the quarter with 4,467 Bitcoin, valued at over $283 million at current market prices, $164.7 million of debt and $19.1 million of cash.
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The company said UTXO Management achieved a milestone by completing the first cleared Bitcoin Depositary Receipt trade through traditional prime brokerage and DTCC settlement.
Nakamoto also expanded its institutional product and event businesses in Q2, launched Bitcoin Magazine TV, shut down its remaining healthcare operations and authorized a $25 million share repurchase program.