- Loss on changes in fair value of digital assets of $142.6 million reflects the decline in the value of Bitcoin from $114,078 as of September 30, 2025, to $87,519 as of December 31, 2025;
- Loss on investments of $10.8 million primarily relates to the decline in value of the Company’s Metaplanet Bitcoin-related investment.
- Results were impacted by gains of $204.5 million for the fourth quarter and $226.4 million for the full year related to the increase in the fair value of Nakamoto’s call option to acquire BTC Inc and UTXO.
Does the above mean that BTC Inc. was valued at ~$200 million?
No, I think this is the corresponding accounting gain from not having to print all the shares necessary to acquire BTC Inc + UTXO at market value.
Basically, the transaction in February was accretive to Naka shareholders because they could hand over 4x overvalued shares (at original $1.12 share price instead of $0.30 that was the market price at closing), and this is where the accounting value showed up.
update: to answer your question, BTC Inc was valued at $377,220,594 (+ 30m flat for UTXO management) but they purchased them printing shares market worth $107m
wait so they 4x their net loss?
I'm barely making sense of this thing and I don't know what that means.
well... according to their non-GAAP (which means invented? or IFRS? lmao) statement they went from negative 3.3M to negative 13.6M OPEX (they call this "adjusted operating loss")
Oh I see YoY losses! (brb signing up for Robinhood. I'm a trader now.)
Does RH offer NAKA shorts? @BlokchainB need advice
Yep you can short on RH
This report is why the stock is priced as if they are going to go bankrupt.
But if they never have to sell and survive they will prosper!