Nakamoto Revenue Surges 500% Following BTC Inc. and UTXO Acquisitions
Bitcoin-focused company Nakamoto reported a major revenue surge in the first quarter of 2026 after expanding its presence across the Bitcoin ecosystem through two strategic acquisitions completed earlier this year.
The company generated a sixfold increase in quarterly revenue compared to the previous quarter, driven largely by the additions of Bitcoin media outlet BTC Inc. and investment platform UTXO Management. Both acquisitions were finalized on Feb. 20 and only contributed partially during the reporting period.
Despite the revenue growth, Nakamoto posted a net loss of $238.8 million for the quarter. A significant portion of the loss came from a $107.7 million non-cash adjustment tied to a pre-acquisition option agreement, alongside a $102.5 million mark-to-market decline on its 5,058 Bitcoin holdings as BTC prices dropped 23% during the quarter.
Revenue from the company’s Bitcoin treasury and derivatives operations exceeded $1.1 million, while its media division contributed roughly $800,000. Asset management services brought in about $200,000, while the firm’s remaining healthcare segment added approximately $500,000.
The broader Bitcoin treasury sector has struggled amid prolonged market weakness, with Bitcoin remaining well below its previous record highs. Several treasury firms have slowed accumulation efforts or sold portions of their holdings to manage operational costs and debt obligations.
Nakamoto itself refrained from purchasing additional Bitcoin during Q1 and instead sold 284 BTC at the end of March to help fund operating expenses. The company’s stock has also faced intense pressure, falling more than 99% from its peak levels.
Following the earnings release, Nakamoto shares climbed 2.7% in after-hours trading to $0.18.
CEO David Bailey described the quarter as a pivotal stage in the company’s transformation into a Bitcoin-centric enterprise. He said Nakamoto will spend the remainder of 2026 focused on scaling its treasury operations, growing recurring revenue streams, and strengthening long-term shareholder value through disciplined Bitcoin-focused capital strategies.
Part of that strategy includes leveraging the company’s Bitcoin reserves as collateral for derivatives-based yield generation. Nakamoto also confirmed plans to fully exit its healthcare operations by the end of the second quarter as it sharpens its focus on Bitcoin-related businesses.
The company officially rebranded from KindlyMD earlier this year after completing its merger with the Utah-based healthcare provider in 2025.