Nakamoto Faces Heavy First-Quarter Losses
Bitcoin treasury firm Nakamoto Inc., led by entrepreneur David Bailey, reported a net loss of $238.8 million in the first quarter of 2026. The losses came mainly from the sharp decline in Bitcoin prices during the quarter. Bitcoin dropped from $87,519 to $68,220, impacting the company’s treasury value.
Bitcoin Holdings Trigger Major Non-Cash Losses
The company recorded a $102.5 million mark-to-market loss linked to its Bitcoin holdings. Nakamoto also reported a $107.7 million non-cash reduction related to a pre-acquisition call option. In addition, the company spent nearly $8 million on transaction and integration costs tied to recent acquisitions.
Revenue Growth Despite Market Pressure
Despite the losses, Nakamoto generated $2.7 million in operating revenue during Q1 2026. This marked a strong increase compared to approximately $580,000 in the same period last year. Revenue included $1.1 million from Bitcoin strategies and $1.6 million from media, advisory, and asset management businesses.
Nakamoto Expands Bitcoin Strategy
The company launched an actively managed Bitcoin derivatives strategy to improve capital efficiency and generate additional yield. Nakamoto earned around 43 BTC in premium income through the strategy and later sold about 40 BTC. The firm also sold 284 BTC during the quarter to support working capital needs.
