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Nakamoto reports first positive adjusted operating income amid GAAP loss
The Bitcoin-native firm posted $7.3 million in adjusted operating income, while GAAP results showed a $133.0 million net loss driven by $105.2 million of non-cash goodwill impairment.
Nakamoto Inc., a Bitcoin operating company, reported its first quarterly results after completing a transition to a Bitcoin-only model, showing a split picture between GAAP losses and adjusted profitability. In a statement, the Nashville-based firm said total operating revenue for the quarter ended June 30, 2026 was $35.9 million, with $25.6 million from its media and asset management units and $10.4 million from its Bitcoin treasury and derivatives strategy.
On a GAAP basis, Nakamoto posted an operating loss of $149.1 million and a net loss of $133.0 million, or $6.65 per diluted share. The company attributed the GAAP results largely to 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, Nakamoto said adjusted operating income came in at $7.3 million, which it described as its first positive adjusted operating income since it became a Bitcoin operating company. The company also said it reduced outstanding debt by about $45 million and extended roughly $105 million in loan principal to June 2027.
Nakamoto said it completed the closure of its legacy healthcare clinics on June 19, 2026, marking its structural shift to a pure-play Bitcoin operator. The board authorized a $25 million share buyback and added Chief Investment Officer Tyler Evans as a director, while its asset management arm UTXO Management launched a structured credit fund and guided a client vehicle, the 210k Capital Fund, through what it described as a cleared Bitcoin Depositary Receipt trade settled via traditional prime brokerage and DTCC infrastructure.
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