Nakamoto Inc.

05/13/2026 | Press release | Distributed by Public on 05/13/2026 15:08

Nakamoto Reports First Quarter 2026 Results (Form 8-K)

Nakamoto Reports First Quarter 2026 Results

Completed Creation of Bitcoin Operating Company with February Acquisitions of BTC Inc and UTXO Management

NASHVILLE, Tenn. - May 13, 2026 - Nakamoto Inc. (NASDAQ: NAKA) ("Nakamoto" or the "Company"), today announced its results for the first quarter ended March 31, 2026.

Q1 Operational & Financial Highlights

● Completion 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.
● Launched an actively managed Bitcoin derivatives strategy designed to generate yield on treasury assets and enhance capital efficiency while managing downside exposure.
● Reported total operating revenue of $2.7 million, including:
○ $1.6 million from operating businesses.
○ $1.1 million from Bitcoin treasury and derivatives strategy.
● Reported a net loss of $238.8 million, primarily driven by non-cash and transaction-related items, including:
○ $102.5 million mark-to-market loss resulting from the decline in Bitcoin price during the quarter.
○ $107.7 million non-cash reduction in the cumulative gain from the Company's pre-acquisition call option.
○ Approximately $8.0 million of transaction-related and integration related costs.
● Held more than 5,000 Bitcoin as of March 31, 2026, with an aggregate fair value of approximately $345 million at quarter-end.

"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."

Financial Summary

$ in thousands For the Quarter Ended March 31,
2026 2025
Total operating revenues $ 2,678 $ 580
Operating loss (GAAP) $ (126,170 ) $ (1,042 )
Adjusted operating loss (non-GAAP) $ (7,770 ) $ (1,024 )

First Quarter 2026 Financial Highlights

Media & Information Services:

● Revenue of $0.8 million, including $0.5 million from media and $0.4 million from advisory services
● Operating loss of $2.8 million

Results reflect:

● Approximately $0.8 million of amortization of transaction-related intangible assets
● Partial quarter ownership
● No major events during Q1; historically, the businesses have experienced stronger financial performance during quarters with larger scale events

Asset Management:

● Management fee revenue of $0.2 million; no performance fees recognized during this quarter
● Operating loss of $0.5 million

Results reflect:

● Approximately $0.3 million of amortization of transaction-related intangible assets
● Partial quarter ownership
● Lower average assets under management during the period: assets under management totaled approximately $109.5 million as of March 31, 2026

Bitcoin Operations:

● Revenue of $1.1 million generated from the Company's recently launched Bitcoin treasury and derivatives strategy
● Operating loss of $109.9 million

Results reflect:

● Revenue generated from yield-oriented strategies utilizing the Company's Bitcoin collateral
● Mark-to-market Bitcoin losses of $102.5 million related to the decline in Bitcoin price from $87,519 as of December 31, 2025, to $68,220 as of March 31, 2026
● Investment losses of $7.9 million related to the mark-to-market decline in the Company's investment in Metaplanet and loss from our share of Treasury B.V.'s results

Healthcare Operations:

● Revenue of $0.5 million
● Operating loss of $0.6 million

Results reflect:

● Ongoing operating costs associated with legacy healthcare activities as the Company continues its planned wind-down; which is expected to be substantially completed by the end of the second quarter of 2026

Other:

● Primarily reflects corporate overhead and advisory-related services conducted through Nakamoto Advisory
● Operating loss of $12.5 million includes approximately $6.9 million of transaction-related and integration related costs associated with recent acquisitions

The Company has discontinued publishing its supplemental operational dashboard in order to better align external reporting practices with public company reporting timelines.

Liquidity Highlights

During the first quarter of 2026, Nakamoto continued to manage its balance sheet to support ongoing operations and integration activities. The Company had total cash on hand of $35.3 million to fund strategic initiatives, integration efforts, and operating expenses, including interest expense associated with the Kraken loan, providing near-term liquidity and financial flexibility.

During the first quarter of 2026, Nakamoto actively managed its Bitcoin across the Company, using it not only as a long-term treasury reserve asset, but also as part of its operating, financing and income-generating strategies. At the corporate level, the Company sold approximately 284 BTC to support working capital requirements. As part of Nakamoto's derivatives strategies, the Company received approximately 43 BTC in premium income and subsequently sold approximately 40 BTC.

Enterprise Value: As of March 31, 2026, the Company's enterprise value was $327 million, calculated as market capitalization of $152 million, plus notes payable of $210 million, less cash and cash equivalents of $35 million.

Shares Issued and Outstanding: As of March 31, 2026, Nakamoto's shares outstanding were 690,018,254 and fully diluted shares outstanding were 892,723,519.

About Nakamoto Inc.

Nakamoto Inc. (NASDAQ: NAKA) is a Bitcoin company that owns and operates a global portfolio of Bitcoin-native enterprises spanning media & information services, asset management & financial services, and consulting & advisory services. Nakamoto is the parent company of BTC Inc, the world's leading Bitcoin media enterprise behind Bitcoin Magazine, The Bitcoin Conference, and Bitcoin for Corporations, and of UTXO Management, a Bitcoin-native asset manager focused on public and private market investments across the Bitcoin ecosystem. For more information, visit nakamoto.com.

Nakamoto Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 13, 2026 at 21:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]