Nakamoto shares fall 6% premarket after Q3 revenue turns negative
Shares in Nasdaq-listed Bitcoin treasury company Nakamoto fell 6.5% in premarket trading on Friday after reporting negative operating revenue for the third quarter.
The company generated $3.9 million in revenue from its businesses, but a $5.8 million net loss on Bitcoin options brought total operating revenue to negative $1.9 million for the quarter ending September 30. Analysts had expected about $17.4 million in revenue.
Bitcoin Price Impact
Despite the negative operating revenue, Nakamoto reported $85.5 million in net income for the quarter, driven by a $110.4 million gain from revaluing its digital assets, chiefly Bitcoin. The adjusted operating loss, excluding that gain, was $15.8 million.
As of September 30, Nakamoto held 4,283 BTC worth $357.9 million, down from 4,467 BTC at the end of June. The company's shares traded at $5.40 at 12:02 pm UTC on Friday, down about 62% year to date.
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