Nakamoto sold 284 Bitcoin on the last day of March just to keep the lights on. That detail, tucked inside the company’s first-quarter results released Wednesday, captures where the Bitcoin treasury firm stands heading into the second half of 2026 — growing fast on paper, but still burning through cash.
A Rough Quarter By The NumbersDespite that, revenue climbed more than 500% compared to the prior quarter, reaching $2.7 million. The jump was fueled by contributions from four business lines — Bitcoin treasury and derivatives brought in $1 million, the media arm added $800,000, healthcare operations contributed $500,000, and asset management services generated $200,000.
Update: Nakamoto Reports First Quarter 2026 Results
CEO David Bailey called Q1 a transformational period for the company. He pointed to two acquisitions — Bitcoin news outlet BTC Inc. and investment platform UTXO Management — as the deals that set the stage for what comes next. Both acquisitions closed on February 20, meaning their revenue contribution only counted for part of the quarter.
Acquisitions Shape The New DirectionBailey said the focus for the rest of 2026 is execution — scaling operations, growing revenue, and building shareholder value through what he called disciplined capital allocation.
One planned revenue driver involves using Bitcoin holdings as collateral to run yield-generating derivatives strategies. The company also confirmed it will fully wind down its healthcare business by the end of Q2, putting more resources toward Bitcoin-related activities.
Nakamoto was previously known as KindlyMD before a merger with a Utah-based healthcare provider in August, followed by a full rebrand in January.
Stock Down More Than 99% From Its PeakNakamoto’s share price tells a harder story. Reports show the stock has fallen more than 99% from its all-time high. After the Q1 results were published, shares rose 2.7% in after-hours trading to $0.18 — a modest bounce that reflects cautious optimism rather than a broad recovery.
The company did not purchase any Bitcoin during the quarter. The broader Bitcoin treasury industry has faced pressure as the cryptocurrency sits roughly 37% below its record high.
Featured image from The Daily Economy, chart from TradingView
