Nakamoto holds 4,283 bitcoins, debt maturity extended to 2027

On November 13, Bitcoin treasury company Nakamoto (Nasdaq: NAKA) announced its third-quarter results: as of September 30, it held 4,283 Bitcoin, with a fair value of approximately $357.9 million. Of these, 3,030 were pledged as collateral for notes payable, while 1,253 remained unpledged.

Total operating income for the quarter was -$1.9 million, comprising $3.9 million from core operations and -$5.8 million from net derivative income, as rising Bitcoin prices reduced the value of the company's derivative positions. However, unrealized gains from changes in Bitcoin's fair value totaled $110.3 million (as Bitcoin rose from $58,532 at the end of June to $83,565 at the end of September), bringing operating profit to $105.6 million, while adjusted operating loss stood at $6.5 million.

In terms of the balance sheet, the company ended the period with $19.4 million in cash and $164.9 million in total debt, resulting in a digital asset net leverage ratio of 41% and an enterprise value of $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 remains due on June 30, 2027. There are no plans to repay principal during 2026. The amendment also allows the net value of derivative positions within the collateral account to count toward margin requirements. Regarding operations, the company launched Bitcoin Magazine TV on September 14 and hosted Bitcoin Asia 2026 in Hong Kong on August 27–28, generating $2.5 million in third-party revenue.