Nakamoto sold 284 bitcoins on the last day of March just to keep the lights on. Details included in the company’s first-quarter results released Wednesday capture where the Bitcoin treasury company is heading into the second half of 2026. It’s growing fast on paper, but it’s still burning through cash.
Approximate Quarters in Numbers
The company posted a net loss of $238 million in the first quarter, a figure that may seem surprising until the accounts are released. Two non-cash items caused most of the damage. The market valuation of 5,058 Bitcoin holdings reached $102 million after a $107 million charge related to pre-acquisition options and a 23% decline in the cryptocurrency during the quarter.
Despite this, sales increased more than 500% compared to the previous quarter, reaching $2.7 million. The jump was driven by contributions from four business lines, including Bitcoin Treasury and Derivatives, which generated $1 million, Media segment, which generated $800,000, Healthcare Operations, which generated $500,000, and Asset Management Services, which generated $200,000.
Update: Nakamoto reports Q1 2026 results
Read the full announcement here: https://t.co/5roGlPWjFq
— Nakamoto (@nakamoto) May 13, 2026
CEO David Bailey called the first quarter a transformational time for the company. He pointed to two acquisitions – Bitcoin news outlet BTC Inc. and investment platform UTXO Management – as deals that set the stage for the next phase. Both acquisitions were completed on February 20th, meaning revenue contributions were only calculated for part of the quarter.
Acquisitions Shape New Directions
Nakamoto is repositioning itself as more than just a Bitcoin holding company. The BTC Inc. and UTXO Management transaction is described as a fundamental business that will solidify the company’s presence throughout the Bitcoin ecosystem.
BTCUSD trading at $79,761 on the 24-hour chart: TradingView
Bailey said the focus for the remainder of 2026 will be execution: scaling operations, growing revenue and building shareholder value through disciplined capital allocation.
One of the planned revenue drivers is to implement a derivatives strategy that generates yield using Bitcoin holdings as collateral. The company also confirmed that it will completely exit its healthcare business by the end of the second quarter to devote more resources to Bitcoin-related activities.
Nakamoto was known as KindlyMD before merging with the Utah-based health care provider last August, followed by a complete rebrand in January.
Inventory reduced by more than 99% compared to peak level
Nakamoto’s stock price tells a more difficult story. According to the report, the stock price has fallen more than 99% from its all-time high. Shares rose 2.7% to $0.18 in after-hours trading after the company released its first quarter results. This is a modest rebound, reflecting cautious optimism rather than a broad recovery.
The company did not purchase any Bitcoin during the quarter. The broader Bitcoin treasury industry is under pressure as the price of the cryptocurrency is about 37% below its all-time high.
Data shows that other than Strategy and Metaplanet, most finance-focused companies have pulled back on Bitcoin purchases over the past year. Some sold some of their holdings to cover their debt.
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