Crypto
Bitcoin ice carving
Bitcoin ice carving (Kirsty O’Connor/Getty Images)

Nakamoto buys $679 million in bitcoin in its first purchase as a public company

Bitcoin’s price meanwhile seems frozen, but one solo miner is on fire.

Yaël Bizouati-Kennedy

Bitcoin is struggling to regain momentum, and has been stuck in the $114,500 to $116,500 range over the past 24 hours. Nonetheless, VanEck analysts said that despite this pullback, they are sticking with their $180,000 bitcoin price target by year-end.

That hasn’t slowed Nakamoto, fresh off the completion of its merger with Nakamoto last week, from making its first bitcoin purchase as a public company.

The bitcoin-native venture, helmed by Trump crypto adviser David Bailey, acquired 5,744 bitcoin at an average price of $118,204 per bitcoin for $679,000,000.

“The purchase was made using PIPE proceeds, reflecting the company’s commitment to executing a disciplined bitcoin treasury strategy and long-term mission to acquire one million bitcoin under the Nakamoto Bitcoin Treasury,” the company said this morning.

In other bitcoin news:

  • Bitdeer released its second-quarter earnings, reporting bitcoin mining revenue of $59.3 million, up from $41.6 million in Q2 2024, and the company’s bitcoin holdings jumped to 1,502. It also reported revenue of $155.6 million, up 56.8% year over year, but had higher operating costs and reported a net loss of $147.7 million, much higher than the $17.7 million a year prior. Benchmark analysts reiterated their “buy” rating, but the stock is down more than 7% as of 11:00 a.m. ET.

  • A rare win came for a solo bitcoin miner who solved block 910,440, earning a reward of 3.137 bitcoin. “Mining difficulty is now near all-time highs at 129 trillion, making consistent solo wins even less likely,” according to Bitbo.

  • Japanese public company Lib Work announced it plans to buy $3.3 million worth of bitcoin.

  • A second coffee chain may be entering the bitcoin treasury game. Following Spanish coffee chain Vanadi Coffee, now California-based Reborn Coffee has announced it’s initiated a strategic review to assess the potential use of crypto, including bitcoin and ethereum, as part of its “treasury management framework.”

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28
Sage D. Young

The decentralized finance ecosystem had a brutal April, logging the highest monthly number of exploits ever at 28 hacks, with exploiters siphoning off a total of $635.2 million, data from DefiLlama shows. 

The two largest exploits in April occurred on ethereum-based protocol KelpDAO and solana-native trading venue Drift. The incidents rattled on-chain users, as the total value locked in DeFi across all networks dropped from a monthly high of $99.5 billion to $84.3 billion on Friday. 

“It’s a real problem, and if AI proponents (thinking specifically of Anthropic’s claims about Mythos) are to be believed, it’s only going to get worse,” according to Fredrick Collins, CEO of crypto analytics platform Velo.xyz. Collins argued that these exploits act as a significant limiter of institutional appeal, pointing to TheBlock’s report last week that JPMorgan held a similar view. 

“It’s simple — for many people, having any chance that you lose your entire investment or balance in something supposed to be ‘safe’ is too much to bear,” Collins told Sherwood News. 

However, not everyone thinks the recent hacks will curb interest from institutions. Nicolai Søndergaard, a research analyst at blockchain data firm Nansen, said to Sherwood, “I do not think these hacks will be a limit to institutional capital given the impact of AI and the speed at which threats appear stretch far beyond this industry.” 

Søndergaard continued, “Crypto to me seems to have been hit harder as many projects perhaps wanted to get a product out there quickly and didn’t invest enough in security, even with companies around to audit.” 

DeFi aims to enable internet users to have access to financial services, such as borrowing, lending, and trading, without any centralized intermediaries.

Yaël Bizouati-Kennedy
17h
After bitcoin’s best month in a year, analysts weigh in on factors for it to break $80,000 in May

May has an over 7% average historical return, but whether bitcoin can replicate this result and finally break the $80,000 level hinges on several factors.

bitcoins on the eyes
crypto
Sage D. Young

Riot Platforms rises following Q1 revenue beat

The bitcoin miner turned data center operator released first-quarter earnings that surpassed expectations for revenue. Shares built on strong gains from Thursday’s session in after-hours trading following the results.

Riot Platforms reported:

  • Q1 revenue of $167.2 million, growing 3.6% from the same quarter a year ago and surpassing analysts’ expectations of $131 million.

  • A diluted loss per share of $1.44, much worse than analysts’ consensus estimate of a $0.72 loss, which includes unrealized loss on its bitcoin holdings.

The bulk of company’s revenue stems from its bitcoin mining activity, which made up $111.9 million in the quarter, while its data center housing revenue stood at $33.2 million, per its press release.

The first quarter of 2026 marks an inflection point for Riot. CFO Jason Chung said on Thursday in the firm’s Q1 earnings conference call, “With the delivery of our first 5 megawatts to AMD this quarter, Riot is now an active data center operator, and for the first time, our top line now includes contracted lease revenue from an investment-grade tenant.”

The earnings report comes the same week the company announced amending its $200 million credit agreement with Coinbase by replacing a floating interest rate with a fixed rate, according to an SEC filing dated on Monday.

Sage D. Young
4/30/26
Trump-backed World Liberty token sinks to new all-time low amid governance proposal to unlock 62 billion tokens

The top 22 addresses voting in favor control 4.8 billion tokens, making up the majority of “yes” votes.

UAE-ECONOMY-CRYPTO-CONFERENCE
Yaël Bizouati-Kennedy
writing on the wall
4/30/26
Merger of Twenty One with Strike and Elektron may portend the future for digital asset treasury companies

“The market is realizing it simply isn’t a strong long-term company model.”

Merge

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