Business
Nakamoto Reports First Quarter 2026 Results
Completed Creation of Bitcoin Operating Company with February Acquisitions of BTC Inc and UTXO Management NASHVILLE, Tenn.--(BUSINESS WIRE)-- Nakamoto Inc.
About this update from Nakamoto Inc.
[{"type":"text","content":"\nCompleted Creation of Bitcoin Operating Company with February Acquisitions of BTC Inc and UTXO Management\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nNakamoto Inc. (NASDAQ: NAKA) (“Nakamoto” or the “Company”), today announced its results for the first quarter ended March 31, 2026.\n\n\nQ1 Operational & Financial Highlights\n\n\n\nCompletion of the acquisitions of BTC Inc. and UTXO Management GP, LLC (“UTXO Management”) on February 20, 2026, establishing Nakamoto’s foundational operating businesses across media, asset management, and advisory.\n\n\n\nLaunched an actively managed Bitcoin derivatives strategy designed to generate yield on treasury assets and enhance capital efficiency while managing downside exposure.\n\n\n\nReported total operating revenue of $2.7 million, including:\n\n\n$1.6 million from operating businesses.\n\n\n\n$1.1 million from Bitcoin treasury and derivatives strategy.\n\n\n\n\n\n\nReported a net loss of $238.8 million, primarily driven by non-cash and transaction-related items, including:\n\n\n$102.5 million mark-to-market loss resulting from the decline in Bitcoin price during the quarter.\n\n\n\n$107.7 million non-cash reduction in the cumulative gain from the Company’s pre-acquisition call option.\n\n\n\nApproximately $8.0 million of transaction-related and integration related costs.\n\n\n\n\n\n\nHeld more than 5,000 Bitcoin as of March 31, 2026, with an aggregate fair value of approximately $345 million at quarter-end.\n\n\n\n“The first quarter marked a transformational period for Nakamoto as we formally transitioned into a Bitcoin operating company,” said David Bailey, Chief Executive Officer of Nakamoto. “During the quarter, we completed the acquisitions of BTC Inc. and UTXO Management and began integrating the foundational businesses we believe position Nakamoto for long-term growth across the Bitcoin ecosystem. While our reported results reflect only a partial quarter of contribution from these businesses, as well as softer Bitcoin pricing during the period, we remain highly confident in the long-term earnings power of the company we are building. Our focus for the remainder of 2026 is execution — scaling our operating businesses, expanding revenue opportunities, and continuing to build durable shareholder value through disciplined capital allocation and long-term conviction in Bitcoin.”\n\n\nFi...