Nakamoto Inc. – the “ Bitcoin storage” company run by entrepreneur David Bailey – reported a net loss of $238.8 million in the first quarter, primarily due to book losses (non-cash losses) as Bitcoin prices fell during that period.
According to earnings reports released on Wednesday, the quarterly loss was primarily due to:
- A $102.5 million mark-to-market revaluation loss occurred as Bitcoin fell from $87,519 to $68,220.
- The $107.7 million downward adjustment in non-cash related to Call Option held by the company prior to the acquisition.
Additionally, Nakamoto recorded approximately $8 million in transaction and integration costs related to recent acquisitions.
In terms of revenue, the Nasdaq-listed company achieved $2.7 million in operating revenue in the first quarter, up from approximately $580,000 in the same period last year. Of that, $1.1 million came from the Bitcoin strategy segment, while about $1.6 million came from media, consulting, and asset management.
The Bitcoin-related business segment alone recorded an operating loss of $109.9 million, including a $102.5 million mark-to-market loss and a $7.9 million investment loss related to Metaplanet and Treasury BV.
During the quarter, Nakamoto also implemented an active Bitcoin Derivative strategy to generate yields from its holdings and optimize Capital efficiency. The company stated that this strategy yielded approximately 43 BTC in premium, which they then sold around 40 BTC. Additionally, the company separately sold 284 BTC to supplement working Capital .
As of March 31st, Nakamoto stated that they held over 5,000 BTC, worth approximately $345 million at that time.
CEO David Bailey said the company remains confident in its long-term profitability, and the remainder of 2026 will focus on “execution”: expanding business segments, increasing revenue opportunities, and building sustainable shareholder value through disciplined Capital allocation and long-term belief in Bitcoin.
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David Bailey's article Nakamoto announces a $239 million loss in Q1 first appeared on CoinMoi .
