Nakamoto shares fall 6% premarket after Q3 revenue turns negative

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’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.

Related: Nakamoto taps Bitwise and Kraken for Bitcoin options strategy to hedge risk