Nakamoto's stock price has declined sharply, creating a fundamental mismatch between the company's market value and its Bitcoin treasury. The company held 4,467 Bitcoin worth approximately $343.2 million as of September 2, while its market capitalization stood near $126.2 million on September 1. Shares closed at $7.05 on September 1, down 5.87% for the session.
The company posted a $133 million net loss in the second quarter of 2026, following a $238.8 million loss in the first quarter. Revenue reached $35.9 million, with the company recording a $149.1 million operating loss. Two non-cash charges accounted for most of the loss: $105.2 million in goodwill write-downs and $48.7 million in losses on digital assets.
Excluding non-cash items, Nakamoto achieved adjusted operating income of $7.3 million, marking its first positive adjusted operating result since becoming a Bitcoin-focused business. Media and information services generated $25.1 million in revenue, including $22.6 million from the Bitcoin 2026 conference.
Nakamoto's Bitcoin acquisition strategy faces pressure from current market conditions. The company purchased approximately 5,743 Bitcoin for roughly $679 million following its merger with KindlyMD in August 2025, at an average price of $118,204 per coin. Much of this treasury now trades below its purchase price.
The company's debt position reflects its leveraged Bitcoin strategy. Of its 4,467 Bitcoin holdings, 3,805 coins are pledged as collateral. Total debt stands at $164.7 million, with cash at $19.1 million and a 56% net leverage to digital assets ratio. During the quarter, Nakamoto repaid 45 million USDT of a Bitcoin-backed loan by selling approximately 600 Bitcoin and derivative positions for roughly $48 million.
Nakamoto's growth model historically relied on issuing shares to acquire Bitcoin, a strategy that performs optimally when stock price exceeds the value of holdings. The current discount between market capitalization and Bitcoin treasury complicates this approach. The company completed the closure of its healthcare clinics in June to focus on Bitcoin, media, and asset management operations.
