Nakamoto Reports Net Loss Despite Strong Revenue Growth in Q1

Nakamoto posted a sharp rise in revenue during the first quarter of 2026, increasing about 500% compared to the previous quarter. The jump came after the company completed two major acquisitions in February, adding BTC Inc., a Bitcoin media outlet, and UTXO Management, an investment platform focused on Bitcoin.

Even with strong revenue growth, the company still reported a net loss of $238.8 million for the quarter.

CEO David Bailey described the period as a “transformational phase,” saying the company is building a stronger position across Bitcoin-related services, trading, and treasury operations.

Revenue Streams and Treasury Impact Drive Financial Results

Nakamoto’s revenue came from multiple sources, including about $1.1 million from its Bitcoin treasury and derivatives strategy, $800,000 from media operations, $500,000 from healthcare services, and $200,000 from asset management.

However, the company’s losses were largely driven by non-cash accounting adjustments and market volatility. A $107.7 million reduction tied to a pre-acquisition option and a $102.5 million mark-to-market loss on its Bitcoin holdings heavily impacted results, as Bitcoin prices fell during the quarter.

The firm held 5,058 Bitcoin but sold 284 BTC at the end of March to cover operating costs.

Strategy Shifts Toward Bitcoin Core Business

Nakamoto confirmed it did not buy additional Bitcoin during the quarter. Instead, it has shifted focus toward using its Bitcoin holdings in yield-generating strategies, including derivatives-based approaches.

The company also plans to exit its healthcare segment by the end of the second quarter to concentrate fully on Bitcoin-related operations and long-term treasury growth. CEO David Bailey said the goal for 2026 is to scale operations and build shareholder value through disciplined investment and a stronger Bitcoin-focused business model.