Nakamoto posts $239M Q1 loss as bitcoin drop cuts treasury value

Nakamoto Inc. reported a $238.8 million net loss for the first quarter, driven mainly by non-cash write-downs tied to a decline in bitcoin prices and an accounting adjustment related to a pre-acquisition call option, the company reported in its earnings statement.

The company booked a $102.5 million mark-to-market loss after bitcoin fell from $87,519 to $68,220 during the quarter. Nakamoto also recorded a $107.7 million non-cash reduction linked to the pre-acquisition call option and roughly $8 million in transaction and integration costs from recent acquisitions. Operating revenue for the quarter rose to $2.7 million, up from about $580,000 a year earlier.

Nakamoto’s bitcoin operations posted a $109.9 million operating loss for the quarter. That total included the $102.5 million mark-to-market adjustment and about $7.9 million in investment losses tied to Metaplanet and Treasury B.V.

The company launched an actively managed bitcoin derivatives strategy during the quarter aimed at generating yield on treasury assets and improving capital efficiency. Through that strategy, Nakamoto received about 43 BTC in premium income and later sold roughly 40 BTC. The firm also sold 284 BTC separately to support working capital needs.

As of March 31, Nakamoto held more than 5,000 BTC, valued at approximately $345 million at quarter-end. Revenue breakdowns showed about $1.1 million from bitcoin strategies and roughly $1.6 million from media, advisory and asset management operations.

Nakamoto’s shares closed at $0.1698 on Wednesday, down 3.3% for the trading session.

In the earnings statement, CEO David Bailey wrote, “We remain highly confident in the long-term earnings power of the company we are building. Our focus for the remainder of 2026 is execution — scaling our operating businesses, expanding revenue opportunities, and continuing to build durable shareholder value through disciplined capital allocation and long-term conviction in bitcoin.”

The reported losses were largely non-cash accounting items that reflect market valuation swings in bitcoin and the contractual adjustment tied to the pre-acquisition call option. The results also include costs from recent deals and an increase in revenue as Nakamoto expands its operating businesses beyond treasury holdings.