According to reports from Crypto.news, Nakamoto reported $2.7 million in first-quarter operating revenue after completing its acquisitions of BTC Inc. and UTXO Management on February 20. The company's revenue breakdown included $1.1 million from Bitcoin treasury and derivatives activity, $0.8 million from media and information services, $0.2 million from asset management, and $0.5 million from healthcare operations. The acquired businesses contributed for only part of the quarter, as reported by Crypto.news. The latest data shows this represents a 500% quarter-over-quarter increase, demonstrating the company's successful transformation into a Bitcoin-centric operating company.
As reported by Crypto.news, Nakamoto posted a net loss of $238.8 million for Q1, compared with a $1.0 million loss a year earlier. The company attributed the result primarily to non-cash and transaction-related items, including a $102.5 million mark-to-market loss from Bitcoin's price decline during the quarter and a $107.7 million non-cash reduction tied to a pre-acquisition call option. The single mark-to-market loss from Bitcoin's 23% decline during the quarter accounts for nearly half of the total loss, highlighting the company's direct exposure to cryptocurrency volatility. The company also reported approximately $8.0 million in transaction and integration costs.
According to Crypto.news, Nakamoto held more than 5,000 Bitcoin at the end of March with an aggregate fair value of approximately $345 million. Bitcoin's price fell from $87,519 at the end of 2025 to $68,220 on March 31, which significantly impacted quarterly results. The company sold approximately 284 BTC during the quarter to support working capital, highlighting the direct tension between the company's stated long-term Bitcoin conviction and short-term cash requirements. The company's derivatives strategy generated about 43 BTC in premium income before selling about 40 BTC, demonstrating active management of the treasury holdings.
As reported by Crypto.news, CEO David Bailey described the first quarter as marking a transformational period as Nakamoto shifted into a Bitcoin operating company. The company is moving further away from its legacy healthcare business, with healthcare operations being wound down and expected to be mostly completed by the end of the second quarter. Management is focused on scaling operating businesses, expanding revenue lines, and using disciplined capital allocation, according to the company's statement. The core financial catalyst for sustainability hinges on Bitcoin's price recovery, as the $102.5 million mark-to-market loss on the treasury is directly tied to BTC's decline. The company's new actively managed Bitcoin derivatives strategy is designed to generate yield and improve capital efficiency, though its success remains contingent on a more stable or rising price environment.
