Nakamoto Holds 4,283 BTC, Debt Extended to 2027

TechFlow reported that on November 13, bitcoin treasury company Nakamoto (Nasdaq: NAKA) announced its Q3 results: as of September 30, it held 4,283 BTC with a fair value of approximately $357.9 million, of which 3,030 BTC were pledged as collateral for notes payable and 1,253 BTC were unencumbered.

Total operating revenue for the quarter was -$1.9 million, with the operating business contributing $3.9 million and net derivative income at -$5.8 million—the rise in bitcoin's price reduced the value of the company's derivative positions. However, the change in bitcoin's fair value generated a $110.3 million book gain (bitcoin rose from $58,532 at the end of June to $83,565 at the end of September), bringing operating income to $105.6 million and adjusted operating loss to $6.5 million.

On the balance sheet, end-of-period cash was $19.4 million, total debt was $164.9 million, the net digital asset leverage ratio was 41%, and enterprise value was $319 million. On November 11, the company amended its $165 million USDT loan agreement with Kraken, extending the maturity of $60 million USDT from December 4, 2026 to December 4, 2027, while the remaining $105 million USDT still matures on June 30, 2027; no principal repayment is scheduled during 2026. The amendment also allows the net value of derivative positions within the collateral account to count toward margin requirements. Operationally, the company launched Bitcoin Magazine TV on September 14 and hosted Bitcoin Asia 2026 in Hong Kong from August 27 to 28, generating $2.5 million in third-party revenue.

Source: TechFlow