---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-022786"
form_type: "8-K"
ticker: "NAKA"
cik: "0001946573"
company_name: "Nakamoto Inc."
filed_at: "2026-05-13T21:08:01+00:00"
generated_at: "2026-05-13T21:11:07.892013+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Nakamoto Q1 net loss $238.8M, hit by Bitcoin price drop; revenue $2.7M, partial quarter from new units

## Summary
- Total operating revenue $2.7M, up from $0.6M YoY; net loss $238.8M driven by $102.5M BTC mark-to-market loss and $107.7M non-cash option reduction.
- GAAP operating loss $126.2M; adjusted non-GAAP operating loss $7.8M including ~$8M transaction costs.
- Completed acquisitions of BTC Inc and UTXO Management on Feb 20, 2026; partial quarter contributions from Media ($0.8M) and Asset Mgmt ($0.2M).
- Held >5,000 BTC worth ~$345M at quarter-end; sold 284 BTC for working capital; Bitcoin price fell from $87,519 to $68,220.
- Healthcare wind-down expected substantially complete by Q2 2026; cash $35.3M, notes payable $210M, enterprise value $327M.

## SEC filing metadata
- accession: 0001493152-26-022786
- form_type: 8-K
- ticker: NAKA
- cik: 0001946573
- company_name: Nakamoto Inc.
- filed_at: 2026-05-13T21:08:01+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1946573/000149315226022786/0001493152-26-022786-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1946573/000149315226022786/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-022786
- JSON: https://secwatch.observer/filing/0001493152-26-022786.json
- Plain text: https://secwatch.observer/filing/0001493152-26-022786.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.