Cointelegraph reported that Nakamoto (NAKA), a Nasdaq-listed company strategically accumulating Bitcoin, saw its Q1 revenue increase by 500% quarter-over-quarter, but recorded a net loss of $238.8 million. The revenue surge was a result of 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 purchase additional BTC in Q1, sold 284 BTC to cover operating expenses, and its stock price has fallen by over 99.2% from its all-time high. Meanwhile, Nakamoto plans to completely divest its healthcare business by the end of Q2 and focus solely on Bitcoin-related ventures.
