Nakamoto Posts First Positive Adjusted Operating Income, Despite $133M GAAP Net Loss

Bitcoin operating company Nakamoto Inc. dropped its first quarterly results on Thursday, marked by a wide GAAP net loss in what the company is calling a turning point in its underlying operations.

The Nashville-based company posted total operating revenue of $35.9 million for the quarter ended June 30, 2026, split between $25.6 million from its media and asset management units and $10.4 million from its Bitcoin treasury and derivatives strategy, according to a Thursday statement. 

Nakamoto shares (NASDAQ: NAKA) rose more than 2% Thursday morning in New York. 

On a GAAP basis, Nakamoto reported an operating loss of $149.1 million and a net loss of $133.0 million, or $6.65 per diluted share — driven largely by a $105.2 million non-cash goodwill impairment and $48.7 million in mark-to-market losses on its Bitcoin holdings.

Stripping out those non-cash items, the picture looks different: adjusted operating income came in at $7.3 million, which the company says is its first positive adjusted operating income since it became a Bitcoin operating company.

“This quarter we delivered the first positive adjusted operating income since Nakamoto became a Bitcoin operating company,” David Bailey, the company’s Chairman and CEO, said, pointing also to a roughly $45 million reduction in outstanding debt and the extension of about $105 million in loan principal to June 2027.