Nakamoto Sees Revenue Surge, but Q1 Loss Reaches $238.8M
Nakamoto announced $2.7 million in operating revenue for the first quarter following its acquisitions of BTC Inc. and UTXO Management on February 20.
Summary
- Nakamoto reported $2.7 million in Q1 revenue after finalizing the BTC Inc. and UTXO Management acquisitions.
- The firm recorded a $238.8 million net loss primarily due to Bitcoin-related accounting issues and options.
- Nakamoto liquidated 284 BTC to bolster its working capital while transitioning away from its healthcare sector.
The company stated that the acquisitions brought media, asset management, and advisory divisions into its Bitcoin-centric operations.
Revenue sources included $1.1 million from Bitcoin treasury and derivatives, $0.8 million from media and information services, $0.2 million from asset management, and $0.5 million from healthcare operations. Nakamoto noted that the acquired companies contributed only partially for the quarter.
Net loss totals $238.8 million
Nakamoto recorded a net loss of $238.8 million for Q1, contrasting with a $1.0 million loss from the same period last year. The company attributed this result mainly to non-cash and transaction-related factors.
This included a $102.5 million mark-to-market loss from the decline in Bitcoin prices during the quarter and a $107.7 million non-cash adjustment associated with a pre-acquisition call option. The company also incurred around $8.0 million in transaction and integration expenses.
Additionally, Nakamoto possessed over 5,000 Bitcoin at the close of March, with a total fair value of approximately $345 million. The company reported a drop in Bitcoin’s price from $87,519 at the end of 2025 to $68,220 on March 31, which affected quarterly performance.
Nakamoto also sold 284 BTC during the quarter to enhance working capital. Its derivatives strategy generated around 43 BTC in premium income, leading to the sale of approximately 40 BTC.
CEO David Bailey remarked that “the first quarter represented a transformational phase” as Nakamoto evolved into a Bitcoin operating company. He emphasized management’s focus on scaling operational activities, diversifying revenue streams, and exercising disciplined capital management.
Treasury strategy undergoes market evaluation
Crypto.news highlighted in February that Nakamoto’s all-stock BTC Inc. and UTXO Management transactions were valued at over $107 million. The report noted that these acquisitions aimed to secure recurring revenue independent of capital markets activities.
Previous coverage by crypto.news also indicated the challenges surrounding Nakamoto’s stock. The report stated that NAKA had plummeted approximately 95% from its peak by September 2025, following PIPE share unlocks and concerns regarding Bitcoin treasury firms influencing market sentiment.
Nakamoto is continuing its shift away from its traditional healthcare operations. The company announced that healthcare activities are being phased out and are anticipated to be largely concluded by the end of the second quarter.