Nakamoto BTC Treasury Options to Monetize Implied Volatility With Bitwise and Kraken

Published: 2026-04-24 20:30:41 |

Nakamoto, Inc. (Nasdaq: NAKA) says it is putting its BTC treasury to work with an active derivatives program, partnering with Bitwise Asset Management and using Kraken for qualified custody and trade execution. The company will post a portion of its BTC as collateral into a separately managed account (SMA), aiming to generate recurring income while keeping downside risk hedged. The BTC treasury options strategy is designed around implied volatility trading. It combines income sleeves (covered calls and call spreads) with protection sleeves (protective puts and put spreads). Premiums can be received in USD or BTC and then reinvested into the treasury, used for operating costs (including interest expense), or kept as working capital. Nakamoto expects to report results in its next Q1 2026 Form 10‑Q. The later update also adds wallet-level context: Nakamoto reportedly retained 5,058 BTC, while Kraken-related data showed 3,988 BTC as of April 24, with some BTC already deployed during Q1. Importantly, Nakamoto plans to use only a smaller share of its BTC treasury as collateral rather than selling its core holdings. This follows an earlier action where Nakamoto sold 284 BTC around ~$70,400 per BTC (below its cost basis). If successful, this BTC treasury options model could become a template for other “treasury/playbook” firms seeking yield without staking or taking substantially more on-chain risk.

Neutral

The announcement is primarily about structured yield generation rather than a direct, unhedged spot buying cycle. By using BTC treasury options with both call-selling and put-spread hedges, Nakamoto targets income while limiting drawdowns, which should reduce the likelihood of abrupt directional pressure on BTC. In the short term, increased attention to “implied volatility” strategies could lift options-related liquidity and trading activity, but it is unlikely to meaningfully change BTC’s spot supply/demand. In the long term, if the program delivers consistent results, it may encourage other treasury-oriented firms to adopt similar hedged options frameworks—supportive for derivatives market depth. However, because Nakamoto explicitly uses only a portion of its BTC as collateral (not liquidating the core) and already has a prior BTC sale noted, the net price impact on BTC is expected to be limited, hence a neutral outlook.