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Nakamoto Inc. is running an actively managed options program with Bitwise and Kraken, writing covered calls and buying puts on part of its Bitcoin stack to turn volatility into income and partial downside hedges.<\/p>\n
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Nakamoto Inc. (NASDAQ: NAKA) has announced the details of an actively managed Bitcoin derivatives program that it has been running since the first quarter of 2026, positioning the strategy as a complement to its core \u201clong Bitcoin\u201d treasury approach. The company said the program is \u201cintended to generate recurring volatility income from a defined portion of the Company\u2019s Bitcoin holdings and hedge a portion of the Company\u2019s downside exposure to Bitcoin price risk.\u201d<\/p>\n
Under the program, a slice of Nakamoto\u2019s Bitcoin stack is held in Kraken\u2019s qualified custody solution and pledged as collateral into a separately managed account overseen by Bitwise Asset Management. Within that SMA, Nakamoto and Bitwise jointly run a portfolio of listed and over\u2011the\u2011counter Bitcoin\u2011linked derivatives under a single mandate that caps notional exposure as a percentage of total BTC holdings and sets guardrails on instruments, counterparties, and tenor.<\/p>\n
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The structure is split into two sleeves. On the income side, Nakamoto \u201cwrites covered calls and call spreads against a defined portion of its Bitcoin holdings to convert the implied volatility embedded in Bitcoin options markets into recurring premium income,\u201d with position sizing, strike selection, and expiries dictated by the firm\u2019s risk framework. On the hedging side, it buys protective puts and put spreads \u201cagainst a defined portion of its Bitcoin holdings to reduce the Company\u2019s mark\u2011to\u2011market exposure to adverse Bitcoin price movements over defined time horizons,\u201d with premium outlays \u201cpartially funded\u201d by the call income where appropriate.<\/p>\n
In a post on X, Nakamoto framed the trade very simply: \u201cBitcoin\u2019s implied volatility is one of the most persistently mispriced assets in global markets,\u201d adding that the program is designed to \u201cgenerate volatility income and hedge downside risk\u201d on part of its treasury. The company noted that premiums may be received in either Bitcoin or U.S. dollars and can be \u201creinvested in the Company\u2019s Bitcoin treasury, applied against operating costs (including interest expense), or retained as working capital.\u201d Performance figures for Q1 2026 will be disclosed in its next 10\u2011Q.<\/p>\n
For crypto markets, the move matters on several fronts. First, it shows a listed \u201cBitcoin operating company\u201d adopting the kind of systematic covered\u2011call plus put\u2011hedge structure long used by commodity producers and gold ETFs, but now applied directly to a corporate BTC stack via regulated managers and qualified custody. Second, it reinforces Bitwise\u2019s role as an institutional bridge between traditional derivatives infrastructure and on\u2011chain exposure, at a time when more corporates are experimenting with Bitcoin on their balance sheets. Finally, it adds another live example of how treasuries can treat Bitcoin not just as a passive store of value, but as yield\u2011bearing collateral \u2014 with upside capped on the covered portion, but cash flow and downside protection gained in return.<\/p>\n
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