Nakamoto Inc. (NASDAQ: NAKA), chaired by Trump ally and President Donald Trump crypto adviser David Bailey, reported a $133.0 million net loss for the second quarter of 2026, narrowing from $238.8 million in the previous quarter. Its 4,467 Bitcoin were valued at approximately $343.2 million on September 2, more than twice the company’s roughly $126.2 million market capitalization on September 1, while 3,805 Bitcoin were pledged as collateral against $164.7 million of debt. After shares fell 99% from their May 2025 merger peak, Bailey said Nakamoto was pivoting from a financing model based on issuing stock to buy Bitcoin toward cash-generating acquisitions whose operating income could fund future purchases without diluting shareholders. Excluding a $105.2 million goodwill write-down and $48.7 million of digital-asset losses, adjusted operating income was $7.3 million, the company’s first positive adjusted operating result since becoming Bitcoin-focused.