Nakamoto Options Loss Turns Q3 Operating Revenue Negative

Nakamoto's Q3 operating revenue turned negative after losses on an options program, though Bitcoin valuation gains drove an $85.5 million profit for the quarter. Part of the loss-making options program provides downside protection tied to Kraken loan collateral. Traders watching Nakamoto's Bitcoin treasury strategy will weigh the headline operating loss against the offsetting BTC mark-to-market gains.