Overview
- Nakamoto disclosed it has been running an actively managed Bitcoin options program since the first quarter of 2026 to generate income and reduce downside exposure.
- Bitwise Asset Management oversees the trades in a separately managed account that uses a portion of Nakamoto’s Bitcoin as collateral, with custody provided by Kraken Institutional.
- The program has two parts: the income sleeve sells covered calls and call spreads on part of its Bitcoin to collect premiums, which earns cash but caps upside on that slice, while the hedge sleeve buys protective puts and put spreads to soften price drops.
- Bitcoin pledged as collateral remains owned by the company and continues to count toward its reported holdings.
- Premiums can be paid in Bitcoin or dollars and may fund hedges, add to the Bitcoin stack, or cover operating costs, and the company says Q1 results will appear in its next Form 10‑Q; Bitcoin Magazine discloses it is published by a Nakamoto subsidiary.