Nakamoto (NAKA) Stock Hits All-Time Low After Reporting $239 Million Net Loss, Still Holds Over $400 Million in Bitcoin

Odaily reports that Nakamoto (NAKA) has officially transformed into a Bitcoin operations company. According to its financial report, the company recorded a net loss of nearly $239 million in the first quarter due to the decline in Bitcoin's price. Consequently, its stock price hit an all-time low of $0.16 on Thursday, dropping over 99.5% from its 52-week high. The company's total revenue for the first quarter was $2.7 million, of which $1.1 million came from derivatives strategies.

To meet working capital needs, the company sold 284 Bitcoins in the first quarter for approximately $22 million, and additionally sold 40 Bitcoins received as revenue for about $3.2 million. Currently, Nakamoto still holds over 5,000 Bitcoins, with a position value exceeding $400 million. Today's Bitcoin price is around $80,922.