Cointelegraph reported that Nakamoto (NAKA), a Nasdaq-listed company strategically accumulating Bitcoin, saw its Q1 revenue increase by 500% compared to the previous quarter, but recorded a net loss of $238.8 million. The revenue surge was due to the acquisition of BTC Inc, the operator of Bitcoin Magazine and Bitcoin Conference, and the investment platform UTXO Management in February. Most of the net loss consisted of an accounting valuation loss of $107.7 million from pre-acquisition option contracts and a mark-to-market loss of $102.5 million on 5,058 BTC held. CEO David Bailey stated, "Q1 was a turning point. For the remainder of the year, we will focus on business expansion, revenue diversification, and enhancing shareholder value through capital allocation." Nakamoto did not make any additional BTC purchases in Q1 and sold 284 BTC to cover operating expenses, with its stock price having fallen more than 99.2% from its all-time high. Meanwhile, Nakamoto plans to fully divest its healthcare business and focus on Bitcoin-related ventures by the end of Q2.
