Bitcoin firm Nakamoto records net loss in Q1 despite sixfold revenue growth
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- Nakamoto reported a Q1 net loss of $239 million, driven by a $107.7 million non‑cash reduction and a $102.5 million mark‑to‑market loss on its 5,058 BTC treasury as Bitcoin fell 23% in the quarter.
- Nakamoto sold 284 BTC on March 31 to cover operational expenses and made no new purchases, while its shares, over 99.2% below their all‑time high, rose 2.7% to $0.18 in after‑hours trading after the earnings release.
- Nakamoto achieved a sixfold revenue increase in Q1, largely from its newly‑added “foundational” businesses BTC Inc. and UTXO Management, whose deals closed on Feb 20.
- Nakamoto plans to fully wind down its healthcare business by the end of Q2 and to use its Bitcoin holdings as collateral for yield‑generating derivatives strategies, signaling a tighter focus on crypto‑related operations.
- David Bailey said the firm will focus on execution and disciplined capital allocation for the remainder of 2026, after the company changed its name from KindlyMD in January following a merger with a Utah‑based healthcare provider.
Why it matters: Investors feel the squeeze as Nakamoto’s shares sit 99% below peak and a $239 M loss erodes equity, while the firm’s plan to use Bitcoin as collateral for derivatives and shut its healthcare unit by Q2 aims to revive cash flow.
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