Shares in Nakamoto (NAKA), the medical firm turned Bitcoin treasury, reached a new all-time low Thursday after the company reported a net loss of nearly $239 million in Q1 thanks to the decline in Bitcoin prices. 

NAKA fell more than 4% after the opening bell Thursday, setting a new 52-week low of $0.16 before moving slightly higher to recently change hands at $0.166. At that mark, the firm’s share prices are now down more than 99.5% from its 52-week high of $34.77 per share. 

“The first quarter marked a transformational period for Nakamoto as we formally transitioned into a Bitcoin operating company,” said Nakamoto CEO David Bailey, in a statement. 

“Our focus for the remainder of 2026 is execution—scaling our operating businesses, expanding revenue opportunities, and continuing to build durable shareholder value through disciplined capital allocation and long-term conviction in Bitcoin,” he added.



Revenues in the quarter stood at around $2.7 million with around 41%, or $1.1 million worth, coming from an actively managed derivatives strategy that Bailey called “an important part of the vision for Nakamoto.” 

“Bitcoin isn’t just sitting idle on our balance sheet,” he posted on X. “We believe it can be managed strategically.”

Its active treasury management included sales of Bitcoin holdings, with the firm selling off 284 BTC, or about $22 million worth of the top cryptocurrency—surpassing its Q4 sales of around $20 million worth of its treasury asset as Bitcoin trades above $80,000 on Thursday.

The firm’s sales were “to support working capital requirements.” It additionally sold 40 BTC, or about $3.2 million, that it earned as income from premiums.

As it stands, Nakamoto still maintains a Bitcoin treasury of more than 5,000 BTC, or over $400 million worth, even as BTC trades about 35.8% below its all-time high of $126,080. 

BTC is up around 1.5% in the last 24 hours, changing hands around $80,922.

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