Nakamoto, the Bitcoin treasury company led by David Bailey, reported first-quarter revenue of $2.7 million and a net loss of $238.8 million after formally pivoting to a Bitcoin operating company. The company had previously said revenue rose 500% quarter over quarter, while the loss was driven mainly by a $107.7 million non-cash impairment tied to pre-acquisition options and a $102.5 million unrealized loss on 5,058 Bitcoin held on the balance sheet as Bitcoin prices fell. Nakamoto said it sold 284 BTC worth about $22 million and 40 BTC worth about $3.2 million for working capital, and it still holds more than 5,000 BTC valued above $400 million. The company announced the results on the 13th after completing acquisitions of BTC Inc. and UTXO Management.