Nakamoto sold bitcoin at a 40% loss and lost $372 million in six months

A company built to buy bitcoin and hold it sold 284 coins in March at about $70,422 each. It had paid an average of $118,171. The sale raised roughly $20 million, and the money went to operating costs, integration bills and loan interest. Nakamoto, the Nasdaq-listed treasury company run by Bitcoin Magazine chief executive David Bailey, has lost about 99% of its share price since its May 2025 peak.

August 2025, the launch

Nakamoto reached the public market through a merger with KindlyMD, backed by a $510 million private placement and $200 million in convertible notes. Investors bought the shares to get bitcoin exposure inside a listed wrapper. The company closed 2025 holding 5,342 BTC on revenue of $1.8 million and a GAAP operating loss of $197.1 million.

March 2026, selling the thing it was built to hold

The share price collapse closed the funding taps. A treasury company raises money by issuing stock above the value of its coins, then buys more coins. Once the stock trades near or below that value, new issuance takes value from existing holders. Nakamoto sold 284 BTC, about 5% of its stack, at roughly 40% below its average purchase price.

May 2026, the reverse split

Nasdaq requires a $1 minimum share price. On May 20 Nakamoto announced a 1-for-40 reverse split, effective two days later, cutting the share count from about 696 million to roughly 17.4 million. The split lifted the quoted price and left revenue, debt and coin count where they were.

August 2026, the numbers

Nakamoto reported its second quarter on August 13:

• revenue $35.9 million
• GAAP operating loss $149.1 million, of which $105.2 million was goodwill impairment and $48.7 million mark-to-market losses on digital assets
• net loss $133.0 million, or $6.65 per diluted share
• adjusted operating income of positive $7.3 million, the first since the company became a bitcoin operating business
• 4,467 BTC worth about $261.5 million, against $19.1 million of cash and $164.7 million of debt

The half-year net loss came to $371.8 million.

“While our GAAP results reflect significant non-cash charges from goodwill impairment and the decline in Bitcoin’s price, this quarter we delivered the first positive adjusted operating income since Nakamoto became a Bitcoin operating company.”

— David Bailey, Chairman and Chief Executive Officer of Nakamoto, SEC, Q2 2026 results, 13 August 2026

Quote source: SEC filing, Q2 2026 results, 13 August 2026

Treasury stocks without the premium

That $7.3 million is the one line in the release pointing up, and it is the smallest figure there. Nakamoto now buys businesses with their own cash flow and talks about share buybacks, which is what a company does once it can no longer sell stock at a premium. We wrote in August about the arithmetic behind these bets: the premium to net asset value is the engine, and without it the company is a leveraged coin holder that also has a payroll.

If you hold a treasury stock, two things are worth checking each quarter. Does the share price still sit above the value of the coins per share, and is the company paying its bills from operations or from the stack? PowerCompute put 97% of its coins behind a four-day loan and then stopped answering.

Nakamoto still owns 4,467 coins and a business that made money on an adjusted basis for one quarter. Whether that line holds through the second half decides whether this is a turnaround or a slower version of the same descent, and the answer arrives with the next filing rather than with any forecast.

This piece is informational, not a recommendation to buy, sell, or hold any asset.