Nakamoto Experiences Revenue Boost Despite Q1 Loss of $238.8M
Nakamoto reported $2.7 million in operating revenue for the first quarter after acquiring BTC Inc. and UTXO Management on February 20.
Summary
- Nakamoto announced $2.7 million in Q1 revenue following the completion of the BTC Inc. and UTXO Management acquisitions.
- The company experienced a $238.8 million net loss largely due to Bitcoin-related accounting challenges and options.
- Nakamoto sold 284 BTC to strengthen its working capital as it shifts away from the healthcare sector.
The organization indicated that the acquisitions enhanced its media, asset management, and advisory branches within its Bitcoin-focused operations.
Revenue streams comprised $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 specified that the acquired companies made only partial contributions for the quarter.
Net loss totals $238.8 million
Nakamoto reported a net loss of $238.8 million for Q1, compared to a $1.0 million loss during the same period last year. The company attributed this outcome mainly to non-cash and transaction-related elements.
This encompassed a $102.5 million mark-to-market loss due to the decline in Bitcoin prices in the quarter and a $107.7 million non-cash adjustment linked to a pre-acquisition call option. The organization also faced around $8.0 million in transaction and integration costs.
Furthermore, Nakamoto held over 5,000 Bitcoin at the end of March, with a total fair value of approximately $345 million. The company noted a decrease in Bitcoin’s price from $87,519 at the end of 2025 to $68,220 on March 31, impacting quarterly results.
Nakamoto sold 284 BTC during the quarter to improve working capital. Its derivatives strategy earned about 43 BTC in premium income, prompting the sale of around 40 BTC.
CEO David Bailey stated that “the first quarter marked a transformative period” as Nakamoto transitioned into a Bitcoin operation company. He highlighted management’s aim to scale operational efforts, diversify revenue streams, and maintain disciplined capital management.
Treasury strategy undergoes market evaluation
Crypto.news noted in February that Nakamoto’s all-stock acquisitions of BTC Inc. and UTXO Management were valued at over $107 million. The report emphasized that these deals were intended to establish recurring revenue separate from capital market activities.
Earlier reports by crypto.news also pointed out the difficulties surrounding Nakamoto’s stock. The coverage indicated that NAKA had dropped around 95% from its peak by September 2025, following PIPE share unlocks and worries that Bitcoin treasury firms were impacting market sentiment.
Nakamoto is continuing its transition away from traditional healthcare operations. The company has announced that healthcare activities will be phased out and are expected to be largely completed by the end of the second quarter.