Nakamoto Shares Hit All-Time Low After $239M Q1 Loss

Shares in Nakamoto (NAKA), the medical firm turned Bitcoin treasury company, reached a new all-time low Thursday after the company reported a net loss of nearly $239 million in Q1 due to the decline in Bitcoin prices.

NAKA fell more than 4% after the opening bell, setting a new 52-week low of $0.16 before moving slightly higher to trade around $0.166. At that price, the firm's share prices are down more than 99.5% from its 52-week high of $34.77 per share.

“The first quarter marked a transformational period for Nakamoto as we formally transitioned into a Bitcoin operating company,” said Nakamoto CEO David Bailey, in a statement.

Bailey added that the focus for the remainder of 2026 is execution—scaling operating businesses, expanding revenue opportunities, and continuing to build durable shareholder value through disciplined capital allocation and long-term conviction in Bitcoin.

Revenues in the quarter stood at around $2.7 million, with around 41%, or $1.1 million, coming from an actively managed derivatives strategy that Bailey called “an important part of the vision for Nakamoto.” Bailey posted on X that “Bitcoin isn’t just sitting idle on our balance sheet. We believe it can be managed strategically.”

The firm's active treasury management included sales of Bitcoin holdings, with Nakamoto selling 284 BTC, or about $22 million worth—surpassing its Q4 sales of around $20 million worth. The sales were “to support working capital requirements.” It additionally sold 40 BTC, or about $3.2 million, earned as income from premiums.

As it stands, Nakamoto still maintains a Bitcoin treasury of more than 5,000 BTC, valued at greater than $404 million, even as BTC trades about 35.8% below its all-time high of $126,080. BTC is up around 1.5% in the last 24 hours, changing hands around $80,922.