Nakamoto Inc. (NASDAQ: NAKA), chaired by Trump crypto adviser David Bailey, had an intraday market capitalization of $126.2 million on September 1, less than half the approximately $343.2 million fair value of its 4,467 Bitcoin. The company reported a $133.0 million net loss for the second quarter of 2026 after a $238.8 million loss in the first quarter, while its shares closed at $7.05, down 5.87%. Nakamoto was built to issue shares and use the proceeds to buy Bitcoin, a strategy that depends on the stock trading above the value of its crypto holdings. Most of its Bitcoin is pledged as collateral, with 3,805 coins supporting debt. Revenue totaled $35.9 million, but operating losses reached $149.1 million, largely because of $105.2 million in goodwill impairment and $48.7 million in digital-asset mark-to-market losses. Excluding those non-cash charges, adjusted operating income was $7.3 million, the company’s first positive result since becoming a Bitcoin operating company. Nakamoto repaid 45 million USDT of a Bitcoin-backed loan, extended about 105 million USDT of principal to June 30, 2027, and authorized a share repurchase program of up to $25 million. Its Bitcoin position was accumulated after a 2025 merger and purchases made at an average price of $118,204, leaving the treasury exposed to Bitcoin’s subsequent decline. The company also completed its exit from healthcare and acquired BTC Inc and UTXO Management in a related-party, all-stock transaction involving Bailey.