Nakamoto (NAKA) Operating Expenses (2024 - 2026)

Nakamoto (NAKA) posted quarterly Operating Expenses of $128.8 million for Q1 2026, up 7843.77% YoY from $1.6 million in Q1 2025, and down 29.88% sequentially from $183.7 million in Q4 2025.

Nakamoto (NAKA) Operating Expenses (2024 - 2026) Analysis & Trends

Nakamoto has disclosed Operating Expenses across 3 years of filings, most recently posting $128.8 million for Q1 2026.

  • In Q1 2026, Operating Expenses rose 7843.77% year-over-year to $128.8 million; the TTM figure through Mar 2026 stood at $326.2 million (up 4825.47% YoY), while the FY2025 annual figure was $199.0 million, up 3179.6% from the prior year.
  • Operating Expenses retreated to $128.8 million in Q1 2026, from $183.7 million in the prior quarter.
  • Over the last five years, Operating Expenses for NAKA reached as high as $183.7 million in Q4 2025 and fell as low as $1.1 million in Q1 2024.
  • The 3-year median for Operating Expenses is $1.7 million (2024), against an average of $37.1 million.
  • The widest YoY moves for Operating Expenses: up 11196.84% in 2025, down 52.14% in 2025.
  • A 3-year view of Operating Expenses shows it stood at $1.6 million in 2024, then surged by 11196.84% to $183.7 million in 2025, then dropped by 29.88% to $128.8 million in 2026.
  • According to Business Quant data, Operating Expenses over the past three periods registered $128.8 million, $183.7 million, and $10.8 million for Q1 2026, Q4 2025, and Q3 2025 respectively.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Morgan Stanley 330.70 Bn 197.17 Bn - 13.47 Bn
2 Goldman Sachs 309.79 Bn -627.76 Bn - 10.43 Bn
3 Schwab Charles 167.21 Bn 122.24 Bn - 3.29 Bn
4 Futu Holdings 111.36 Bn 109.19 Bn 733.58 Mn -200.78 Mn
5 Robinhood Markets 97.69 Bn 93.05 Bn 960.00 Mn 656.00 Mn
6 LPL Financial Holdings 23.49 Bn 22.47 Bn - 4.45 Bn
7 Tradeweb Markets 21.59 Bn 20.34 Bn - 330.51 Mn
8 Circle Internet 15.14 Bn 13.62 Bn 35.01 Mn 242.35 Mn
9 Iren 14.46 Bn 12.24 Bn 144.76 Mn 81.75 Mn
10 Nakamoto 63,806.32 -43.42 Mn 1.38 Mn 128.85 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 128.85 Mn
Dec 31, 2025 183.75 Mn
Sep 30, 2025 10.79 Mn
Jun 30, 2025 2.80 Mn
Mar 31, 2025 1.62 Mn
Dec 31, 2024 1.63 Mn
Sep 30, 2024 1.70 Mn
Jun 30, 2024 1.68 Mn
Mar 31, 2024 1.07 Mn