Nakamoto (NASDAQ: NAKA) said Wednesday it posted total operating revenue of $2.7 million and a net loss of $238.8 million for the first quarter ended March 31.
The quarter included the February 20 acquisitions of BTC Inc. and UTXO Management GP, LLC, along with the launch of an actively managed bitcoin derivatives strategy
The net loss was driven mainly by a $102.5 million mark-to-market loss from bitcoin’s price decline during the quarter, a $107.7 million non-cash reduction in the cumulative gain on a pre-acquisition call option, and about $8 million in transaction and integration costs. Bitcoin fell from $87,519 at December 31, 2025, to $68,220 at March 31, per the company’s filing. Of the $2.7 million in revenue, $1.6 million came from operating businesses and $1.1 million came from the bitcoin treasury and derivatives strategy.
Nakamoto said the derivatives strategy is aimed at generating yield on treasury assets, improving capital efficiency, and managing downside exposure. The February acquisitions of BTC Inc. and UTXO Management established operating businesses across media, asset management, and advisory. Because the deals closed on February 20, the quarter reflected only a partial period of contribution from those businesses. “The first quarter marked a transformational period for Nakamoto as we formally transitioned into a Bitcoin operating company,” Chief Executive Officer David Bailey said. “While our reported results reflect only a partial quarter of contribution from these businesses, as well as softer Bitcoin pricing during the period, we remain highly confident in the long-term earnings power of the company we are building.” The media and information services segment generated $0.8 million in revenue, including $0.5 million from media and $0.4 million from advisory services, with an operating loss of $2.8 million.