Nakamoto shares fall 6% premarket after Q3 revenue turns negative
Nakamoto shares fell 6.5% in premarket trading after the company reported that losses on Bitcoin options pushed third-quarter operating revenue below zero.
Nakamoto reported its third-quarter results after the market closed on Thursday. The company generated $3.9 million in revenue from its businesses. A $5.8 million net loss on Bitcoin options brought total operating revenue to negative $1.9 million, according to its quarterly filing.
Analysts had expected about $17.4 million in revenue, according to estimates compiled by Yahoo Finance. The company’s shares traded at $5.40 at 12:02 pm UTC on Friday, down about 62% year to date.
Asset revaluation drives profit
Despite the operating loss, Nakamoto reported $85.5 million in net income and a $15.8 million adjusted operating loss for the quarter. A $110.4 million gain from revaluing its digital assets, chiefly Bitcoin, drove the profit. The adjusted operating loss excludes that gain.
Nakamoto held 4,283 BTC worth $357.9 million as of Sept. 30, down from 4,467 BTC at the end of June.
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