Nakamoto's recent report shows that its operating revenue for the first quarter reached $2.7 million, following the company's acquisition of BTC Inc. and UTXO Management on February 20.
The company stated that these transactions have added media, asset management, and consulting services to its Bitcoin-centric business model.
The revenue includes $1.1 million from Bitcoin funds and derivatives activities, $800,000 from media and information services, $200,000 from asset management, and $500,000 from healthcare operations. Nakamoto noted that the acquired businesses contributed only a portion of the quarter's revenue.
The net loss reached $238.8 million.
The loss items include a $102.5 million impairment loss due to the decline in Bitcoin prices, as well as a $107.7 million non-cash impairment related to call options prior to the acquisition. The company also reported approximately $8 million in transaction and integration costs.
Additionally, as of the end of March, Nakamoto held over 5,000 Bitcoins, with a total fair value of approximately $345 million. The company pointed out that the price of Bitcoin fell from $87,519 at the end of 2025 to $68,220 on March 31, impacting quarterly performance.
During this period, Nakamoto also sold approximately 284 Bitcoins to support operating funds. Its derivatives strategy generated about 43 Bitcoins in premium income, after which the company sold another 40 Bitcoins.
CEO David Bailey stated, “The first quarter marks a transformative period,” as Nakamoto transitions into a Bitcoin operating company. He added that management is focused on expanding operational business, increasing revenue sources, and implementing a strict capital allocation strategy.
Financial strategies face market tests.
Nakamoto is further distancing itself from its traditional healthcare business. The company indicated that healthcare operations are gradually winding down, with most expected to be completed by the end of the second quarter.