Nakamoto Inc. (NASDAQ: NAKA), a Nashville-based Bitcoin operating company, released its first quarterly earnings report on Thursday, highlighting what management described as a turning point in its underlying operations even as the company posted a substantial GAAP net loss.

For the quarter ended June 30, 2026, Nakamoto reported total operating revenue of $35.9 million, according to a Thursday statement. The revenue was divided between $25.6 million from its media and asset management units and $10.4 million from its Bitcoin treasury and derivatives strategy. Shares of Nakamoto rose more than 2% Thursday morning in New York trading.

On a GAAP basis, the company recorded an operating loss of $149.1 million and a net loss of $133.0 million, or $6.65 per diluted share. The losses were driven primarily by a $105.2 million non-cash goodwill impairment and $48.7 million in mark-to-market losses on its Bitcoin holdings. Under fair value accounting rules that now apply to digital asset holdings, companies must reflect changes in Bitcoin's market price in their earnings each quarter, meaning GAAP results can diverge sharply from operating performance during periods of price volatility.

Excluding those non-cash items, adjusted operating income reached $7.3 million — the company's first positive adjusted operating income since transitioning to a Bitcoin operating company.

"This quarter we delivered the first positive adjusted operating income since Nakamoto became a Bitcoin operating company," said David Bailey, the company's Chairman and CEO. Bailey also highlighted a roughly $45 million reduction in outstanding debt and the extension of approximately $105 million in loan principal to June 2027.

The quarter marked a significant structural transition. Nakamoto completed the closure of its legacy healthcare clinics on June 19, 2026, finalizing its shift into a pure-play Bitcoin operating company. The board of directors authorized a $25 million share repurchase program and appointed Chief Investment Officer Tyler Evans as a director.

Nakamoto's asset management division, UTXO Management, launched a new structured credit fund during the quarter. The firm also reported that it guided a client vehicle, the 210k Capital Fund, through what it described as the first cleared Bitcoin Depositary Receipt trade settled via traditional prime brokerage and DTCC infrastructure — a step the firm views as advancing the integration of Bitcoin products into mainstream financial markets. The 210k Capital fund declined 5% for the quarter, outperforming Bitcoin's 14% drop over the same period.

The company's media unit, BTC Inc., generated $22.6 million from its flagship Bitcoin 2026 conference. BTC Inc. also announced a new daily video network, BM TV, along with new institutional-focused events designed to connect corporate executives and capital allocators with the Bitcoin industry.

Nakamoto ended the quarter holding 4,467 Bitcoin, valued at approximately $261.5 million. The company's multi-segment structure — combining media, asset management, and a Bitcoin treasury — distinguishes it from public market vehicles whose results track Bitcoin's price more directly, as its media and asset management divisions contributed over 70% of quarterly revenue.

Bitcoin Magazine is published by BTC Inc., a subsidiary of Nakamoto Inc. (NASDAQ: NAKA). This article first appeared on Bitcoin Magazine, written by Mathew Di Salvo.