The Bitcoin firm reported a net loss despite revenue surging sixfold, driven by non-cash charges and a mark-to-market loss on its BTC holdings.
Nakamoto recorded a net loss in Q1, primarily due to a $107.7 million non-cash reduction tied to a pre-acquisition option and a $102.5 million mark-to-market loss on its 5,058 BTC treasury. Bitcoin fell 23% during the quarter, amplifying pressure on buy-and-hold strategies across the sector.
The company’s revenue grew sixfold, though this included only a partial quarter from recently acquired businesses BTC Inc. and UTXO Management. Nakamoto did not purchase any Bitcoin in Q1 but sold 284 BTC to cover operational costs. Shares have plunged over 99.2% from their all-time high amid broader industry challenges.
NAKA rose 2.7% to $0.18 in after-hours trading following the results. The company emphasized execution and scaling operations for the remainder of 2026 as key priorities.