Nakamoto held 4,467 Bitcoin worth about $343.2 million, well above its market capitalization of roughly $126.2 million. The company, chaired by President Donald Trump crypto adviser David Bailey, reported the holdings on September 2, while its market value stood near $126.2 million on September 1, according to Yahoo Finance.

The company posted a $133.0 million net loss for the second quarter of 2026, following a $238.8 million loss in the previous quarter. Revenue came in at $35.9 million, and operating loss totaled $149.1 million. Shares closed at $7.05 on September 1, down 5.87% for the session.

Two non-cash charges accounted for most of the quarterly loss. Nakamoto recorded $105.2 million in goodwill write-downs and $48.7 million in losses on digital assets. Excluding those items, adjusted operating income reached $7.3 million, marking the company’s first positive adjusted operating result since it became a Bitcoin-focused operating company.

BitcoinTreasuries data shows Nakamoto held 4,467 Bitcoin, including 3,805 coins pledged as collateral. Total debt stood at $164.7 million, while cash was $19.1 million. The company reported a 56% net leverage to digital assets ratio.

During the quarter, Nakamoto repaid 45 million USDT of a Bitcoin-backed loan. It financed most of that repayment by selling about 600 Bitcoin and derivative positions for roughly $48 million. The company also extended about 105 million USDT of principal to June 30, 2027, underscoring how its debt structure remains tied to the value and liquidity of its Bitcoin treasury.

Nakamoto built its strategy around issuing shares and using the proceeds to buy Bitcoin. That approach is most effective when the company’s stock trades above the value of its Bitcoin holdings. The current discount has made that model harder to sustain.

After its merger with KindlyMD in August 2025, Nakamoto bought 5,743 Bitcoin for about $679 million. The average purchase price was $118,204 per coin. Bitcoin later fell below $60,000 before recovering toward $80,000, leaving much of Nakamoto’s treasury below its original purchase level.

The company completed the closure of its healthcare clinics in June and shifted toward Bitcoin, media, and asset management. Media and information services generated $25.1 million in revenue, including $22.6 million from the Bitcoin 2026 conference.

Nakamoto acquired BTC Inc and UTXO Management in February for $107 million in stock. Those businesses now contribute operating revenue. The board also approved a share repurchase program of up to $25 million, adding another capital allocation tool as the company continues to rely on both its operating businesses and its Bitcoin balance sheet.