Bitcoin company Nakamoto managed to increase its revenue by 500 percent in the first quarter of this year. This growth is linked to two major strategic acquisitions made by the company in February — the news portal BTC Inc. and the investment platform UTXO Management. This is reported by Cointelegraph.com reports .
Despite this, the company recorded a net loss of $238.8 million. Nakamoto CEO David Bailey called this period a transformation phase for the company. The bulk of the loss is attributed to a $107.7 million impairment of assets and a $102.5 million valuation loss resulting from a 23 percent drop in the price of Bitcoin.
The company did not purchase Bitcoin during the reporting period; instead, it was forced to sell 284 Bitcoins on March 31 to cover operating expenses. Although Nakamoto shares are currently down 99.2 percent from their all-time high, the share price rose 2.7 percent to $0.18 following the announcement of the financial results.
David Bailey emphasized that the main goal for the coming period is to expand the operating business and create long-term value. The company considers the BTC Inc. and UTXO Management businesses as the foundation for future growth.
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