Nakamoto Holdings Posts Q1 Loss as Metaplanet Stake Drags Results
Nakamoto Holdings reported a first-quarter 2026 net loss, driven primarily by $7.9 million in investment losses tied to a mark-to-market decline in its stake in Metaplanet and losses from its share of Treasury B.V., the company said in a Business Wire release on Wednesday. The filing covers the three months ended March 31.
The results mark the company’s first public quarterly earnings disclosure as a bitcoin-focused holding company.
Q1 Loss Breakdown
The $7.9 million investment loss reflects the change in fair value of Nakamoto’s equity position in Metaplanet, a Tokyo-listed company that has pursued a bitcoin accumulation strategy modeled on MicroStrategy (MSTR). Because Nakamoto accounts for the position at market value, swings in Metaplanet’s stock price flow directly through its income statement.
Nakamoto also recorded losses from its share of Treasury B.V., a related vehicle used to hold bitcoin on behalf of the company.
The company did not disclose the total net loss figure or revenue for the quarter in the press release summary.
Mark-to-market accounting, the practice of recording assets at their current market price rather than the original purchase price, is a feature of financial reporting for investment companies and can produce large reported losses even when no assets are sold.
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Background
Nakamoto Holdings operates as a cryptocurrency treasury and investment company, holding Bitcoin (BTC) as its primary reserve asset and taking minority stakes in listed companies pursuing similar strategies. The firm takes its name from Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Metaplanet began accumulating bitcoin in mid-2024 and became one of Asia’s most prominent corporate bitcoin holders.
Its share price has tracked bitcoin volatility closely. Nakamoto’s stake in Metaplanet gave it indirect bitcoin exposure while also creating earnings sensitivity to Metaplanet’s listed equity price.
The broader strategy mirrors MicroStrategy’s approach of using corporate balance sheets to accumulate bitcoin as a long-term treasury asset.
Strategy scheduled a retail Q&A session with MicroStrategy Chair Michael Saylor and President Phong Le in May 2026 as corporate bitcoin treasury interest continued to draw investor attention.
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Outlook
Nakamoto’s Q1 results highlight the earnings volatility that comes with mark-to-market investment accounting in a volatile asset class. If bitcoin prices and Metaplanet’s stock recover in Q2, Nakamoto could report a reversal of the Q1 investment loss.
Investors watching the company should track Metaplanet’s share price alongside bitcoin, as both will drive Nakamoto’s reported earnings in future quarters.
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