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

Bitcoin Magazine

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.

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