# Nakamoto Options Loss Turns Q3 Operating Revenue Negative

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3 outlets covering · First listed: The Defiant, Nov 13, 2026, 7:18 AM · Read it: <https://thedefiant.io/news/markets/nakamoto-options-loss-turns-q3-operating-revenue-negative>

Bitcoin valuation gains drove an $85.5 million profit, while part of the loss-making options program provides downside protection tied to Kraken loan collateral.

## Who's covering it

In the order they published:

- Nov 13, 2026, 7:04 AM: [Nakamoto shares fall 6% premarket after Q3 revenue turns negative](<https://cointelegraph.com/news/nakamoto-shares-fall-after-negative-q3-revenue>) — Cointelegraph (Specialist)
  A $5.8 million loss on Bitcoin options pushed operating revenue below zero, and higher Bitcoin prices lifted net income to $85.5 million.
- Nov 13, 2026, 7:12 AM: [Nakamoto shares fall after Q3 operating revenue turns negative](<https://cryptobriefing.com/nakamoto-shares-fall-q3-revenue-negative/>) — Crypto Briefing (Specialist)
  Nakamoto's reliance on volatile Bitcoin derivatives highlights the risks of leveraging crypto assets, impacting investor confidence and market stability.
- Nov 13, 2026, 7:18 AM: [Nakamoto Options Loss Turns Q3 Operating Revenue Negative](<https://thedefiant.io/news/markets/nakamoto-options-loss-turns-q3-operating-revenue-negative>) — The Defiant (Specialist)
  Bitcoin valuation gains drove an $85.5 million profit, while part of the loss-making options program provides downside protection tied to Kraken loan collateral.