Nakamoto Inc. (NASDAQ: NAKA) just filed its first quarterly earnings as a fully combined entity, and the numbers tell two very different stories depending on which line you read first. Total operating revenue hit $2.7 million for the quarter ending March 31, 2026, a nearly fivefold increase from the $0.58 million posted in the same period a year ago. The GAAP net loss, meanwhile, landed at $238.8 million.
Where the money came from, and where it went
Nakamoto’s $2.7 million in revenue broke down into two buckets. Operating businesses, which include media and advisory services inherited through the company’s recent acquisitions, contributed $1.6 million. The remaining $1.1 million came from Bitcoin treasury activities and derivatives.
On the loss side, the $238.8 million figure was driven almost entirely by non-cash items. A $102.5 million mark-to-market loss on Bitcoin holdings accounted for a large chunk of the damage. Another $107.7 million stemmed from pre-acquisition call options. Together, those two line items represent over $210 million of the total loss.
As of the end of Q1, the company held more than 5,000 BTC, valued at approximately $345 million. That treasury position dwarfs the company’s quarterly revenue by a factor of roughly 128x.
