Nakamoto Inc. on Thursday released its first quarterly results, reporting a wide GAAP net loss even as the company said its underlying operations reached an inflection point.
For the quarter ended June 30, 2026, the Nashville-based company posted $35.9 million in total operating revenue, according to a Thursday statement. Of that total, $25.6 million came from its media and asset management units, while $10.4 million came from its Bitcoin treasury and derivatives strategy.
Nakamoto shares (NASDAQ: NAKA) were up more than 2% Thursday morning in New York.
GAAP results were weighed down by non-cash charges
On a GAAP basis, Nakamoto reported a $149.1 million operating loss and a $133.0 million net loss, equal to $6.65 per diluted share. The company said those figures were driven largely by a $105.2 million non-cash goodwill impairment and $48.7 million in mark-to-market losses on its Bitcoin holdings.
Excluding those non-cash items, adjusted operating income came in at $7.3 million. Nakamoto said that was its first positive adjusted operating income since the company became a Bitcoin operating company.
"This quarter we delivered the first positive adjusted operating income since Nakamoto became a Bitcoin operating company," Chairman and Chief Executive Officer David Bailey said. He also pointed to an approximately $45 million reduction in outstanding debt and the extension of about $105 million in loan principal to June 2027.
Quarter included a full transition to a pure-play Bitcoin company
The company also completed a major structural change during the quarter. On June 19, 2026, Nakamoto closed its legacy healthcare clinics, completing its transition into a pure-play Bitcoin operating company.
The board authorized a $25 million share buyback and added Chief Investment Officer Tyler Evans as a director.
UTXO Management launched a structured credit fund
Nakamoto said its asset management arm, UTXO Management, launched a new structured credit fund. The firm also said it guided a client vehicle, the 210k Capital Fund, through what it described as the first cleared Bitcoin Depositary Receipt trade settled through traditional prime brokerage and DTCC infrastructure.
Nakamoto framed that transaction as a step toward bringing Bitcoin products into mainstream financial markets. Separately, the 210k Capital Fund fell 5% during the quarter, outperforming Bitcoin, which declined 14% over the same period.
Media operations and Bitcoin holdings
The company’s media unit, BTC Inc., generated $22.6 million from its flagship Bitcoin 2026 conference. It also announced a new daily video network, BM TV, along with new institution-focused events aimed at connecting corporate executives and capital allocators with the Bitcoin industry.
Nakamoto ended the quarter holding 4,467 BTC, valued at approximately $261.5 million.
Bitcoin Magazine is published by BTC Inc., a subsidiary of Nakamoto Inc. (NASDAQ: NAKA). The original report was written by Mathew Di Salvo.