Nakamoto revenue jumps, but Q1 loss hits $238.8M

Nakamoto reported $2.7 million in first-quarter operating revenue after completing its acquisitions of BTC Inc. and UTXO Management on Feb. 20. 

The company said the deals added media, asset management and advisory businesses to its Bitcoin-focused model.

Revenue included $1.1 million from Bitcoin treasury and derivatives activity, $0.8 million from media and information services, $0.2 million from asset management, and $0.5 million from healthcare operations. Nakamoto said the acquired businesses contributed for only part of the quarter.

Net loss reaches $238.8 million

The company posted a net loss of $238.8 million for Q1, compared with a $1.0 million loss a year earlier. Nakamoto said the result was mainly tied to non-cash and transaction-related items.

Those items included a $102.5 million mark-to-market loss from the fall in Bitcoin’s price during the quarter and a $107.7 million non-cash reduction tied to a pre-acquisition call option. The company also reported about $8.0 million in transaction and integration costs.

In addition, Nakamoto held more than 5,000 Bitcoin at the end of March, with an aggregate fair value of about $345 million. The company said Bitcoin fell from $87,519 at the end of 2025 to $68,220 on March 31, which weighed on quarterly results.

Nakamoto also sold about 284 BTC during the quarter to support working capital. Its derivatives strategy generated about 43 BTC in premium income, after which the company sold about 40 BTC.

CEO David Bailey said “the first quarter marked a transformational period” as Nakamoto shifted into a Bitcoin operating company. He added that management is focused on scaling operating businesses, expanding revenue lines and using disciplined capital allocation.

Treasury strategy faces market test

Nakamoto’s all-stock BTC Inc. and UTXO Management deal was valued at more than $107 million. The acquisitions were meant to add recurring revenue beyond capital markets activity.

The pressure around Nakamoto’s stock was highlighted, with NAKA falling about 95% from its all-time high by September 2025, after PIPE share unlocks and concern around Bitcoin treasury firms weighed on sentiment.

Nakamoto is now moving further away from its legacy healthcare business. The company said healthcare operations are being wound down and are expected to be mostly completed by the end of the second quarter.