Update (Nov. 13 at 19:04 UTC): This article has been updated to include details of Nakamoto’s amended loan agreement with Kraken.
Shares in Nasdaq-listed Bitcoin treasury company Nakamoto fell 6.5% in premarket trading on Friday after the company reported that losses on Bitcoin options pushed third-quarter operating revenue below zero. Nakamoto also extended the repayment deadline for $60 million in Bitcoin-backed debt owed to Kraken by one year.
Nakamoto’s shares traded at $5.40 at 12:02 pm UTC on Friday, according to Yahoo Finance. At that price, the stock was down about 62% year to date.
Nakamoto reported its third-quarter results after the market closed on Thursday. The company generated $3.9 million in revenue from its businesses. A $5.8 million net loss on Bitcoin options brought total operating revenue to negative $1.9 million, according to its quarterly filing.
Analysts had expected about $17.4 million in revenue, according to estimates compiled by Yahoo Finance.
Nakamoto reported $85.5 million in net income and a $15.8 million adjusted operating loss for the quarter. A $110.4 million gain from revaluing its digital assets, chiefly Bitcoin (BTC), drove the profit. The adjusted operating loss excludes that gain.
Nakamoto held 4,283 BTC worth $357.9 million as of Sept. 30, down from 4,467 BTC at the end of June.
Nakamoto extends $60M Kraken loan repayment to 2027
Nakamoto also disclosed that it had extended the repayment deadline for $60 million in Tether USDt (USDT) owed to crypto exchange Kraken by one year, from Dec. 4, 2026, to Dec. 4, 2027, according to an SEC filing.
The amendment leaves the company’s total outstanding debt to Kraken unchanged at 165 million USDT, with the remaining 105 million USDT due June 30, 2027. No principal repayments are scheduled for 2026.
The revised agreement also allows the positive net value of certain Bitcoin derivative positions held with Kraken to count toward collateral requirements, potentially helping Nakamoto offset declines in the value of its pledged Bitcoin before it must provide additional collateral or repay part of the loan.
Nakamoto had pledged 3,030 BTC as collateral at the end of September, representing about 71% of its total holdings, according to its quarterly report.
Related: Nakamoto taps Bitwise and Kraken for Bitcoin options strategy to hedge risk