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Contents
TLDR
Satoshi Nakamoto reports a quarterly loss of US$133 million
Bitcoin positions support huge debt burdens
Stock prices plummet following Bitcoin strategy
Media business drives revenue growth
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Satoshi Nakamoto holds 4467 bitcoins worth approximately US$343.2 million, far exceeding its market value of approximately US$126.2 million.
The company posted a net loss of $133 million in the second quarter of 2026, compared with a loss of $238.8 million in the previous quarter.
About 3805 bitcoins were used as collateral, while Satoshi Nakamoto reported total debt of US$164.7 million.
The average price for Satoshi Nakamoto's purchase of Bitcoin was US$118,204, causing most of his treasury bond reserves to be below the original purchase level.
Adjusted operating income reached US$7.3 million, marking the company's first positively adjusted operating result as a key Bitcoin company.
Media and information services generated $25.1 million in revenue, including $22.6 million from the 2026 Bitcoin Conference.
Satoshi Nakamoto traded at a discount to his Bitcoin holdings after a stock price fell and a quarterly loss. The company, chaired by President Trump's cryptocurrency adviser David Bailey, held 4467 bitcoins worth $343.2 million on September 2. According to Yahoo Financial data, its market value was close to $126.2 million on September 1.
Satoshi Nakamoto reports quarterly loss of US$133 million
Satoshi Nakamoto reported a net loss of $133 million for the second quarter of 2026, compared with a loss of $238.8 million in the first quarter. Revenue reached $35.9 million, while the company reported an operating loss of $149.1 million. The stock closed at $7.05 on September 1, down 5.87% on the day.
Two non-cash expenditures accounted for most of the losses. The company recorded $105.2 million in goodwill write-downs and $48.7 million in digital asset losses. After excluding these items, adjusted operating income reached US$7.3 million, Satoshi Nakamoto's first positive operating result since becoming a Bitcoin operator.
Bitcoin positions support huge debt burdens
Bitcoin government bond data shows that Satoshi Nakamoto holds 4467 bitcoins, of which 3805 are used as collateral. Total debt was $164.7 million, while cash reserves were $19.1 million. The company reported a net leverage ratio of 56% for digital assets.
During the quarter, Satoshi Nakamoto repaid 45 million USDT of bitcoin-backed loans. It paid most of its repayments by selling about 600 Bitcoin and derivatives positions (about $48 million). The company also extended the principal repayment period of approximately USDT 105 million to June 30, 2027.
Stock price collapse follows Bitcoin strategy
Nakamoto's strategy revolves around issuing shares and using the proceeds to buy Bitcoin. This model works best when a stock is trading at a price higher than the value of its Bitcoin position. Current discounts make this strategy more difficult to maintain.
Since its merger with KindlyMD in August 2025, the company has purchased 5743 bitcoins for approximately US$679 million. The average purchase price is US$118,204 per piece. Bitcoin then fell below $60,000 and then recovered to around $80,000, leaving most of the treasury bond reserves below the purchase price.
Media business drives revenue growth
Satoshi Nakamoto completed the closure of his medical clinic in June and moved to Bitcoin, media and asset management. Media and information services generated $25.1 million in revenue, including $22.6 million from the 2026 Bitcoin Conference.
The company acquired BTC Inc and UTXO Management in February for $107 million in stock. These businesses now contribute to operating income. The board also approved a share repurchase plan of up to $25 million.
