Nakamoto Reports $238.8 Million Net Loss in Q1 as Bitcoin Decline Hits Treasury
The Bitcoin treasury company posted a steep quarterly loss driven largely by a mark-to-market write-down on its BTC holdings after the cryptocurrency dropped 23% during the period.
Nakamoto revealed a net loss of $238.8 million for the first quarter of 2025, with over $102 million of that figure stemming from a mark-to-market loss on its 5,058 Bitcoin treasury as the asset's price declined roughly 23% during the quarter [1].
Despite recording a 500% quarter-over-quarter revenue increase, the company did not purchase any Bitcoin during Q1 and instead sold 284 BTC on March 31 to cover operating costs [1].
Shareholders at a special meeting on May 8 approved a reverse stock split in the ratio range of 1-for-20 to 1-for-50, with the change expected to take effect Friday [1].
Nakamoto currently ranks as the 20th largest corporate Bitcoin holder globally, sitting just below ProCap Financial's 5,457 BTC. Strategy, led by Michael Saylor, remains the dominant corporate holder with more than 843,000 Bitcoin on its balance sheet [1].
The results reflect a broader trend among Bitcoin treasury companies, many of which have scaled back BTC purchases over the past year. Some firms have gone further - Genius Group liquidated all 84 of its Bitcoin holdings in February to help service outstanding debt [1].
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