Nakamoto to manage 5,058 BTC treasury with options

Nakamoto, Inc. announced it will actively manage its 5,058 BTC treasury by trading options, using Bitwise as strategy manager and Kraken for custody and trade execution. The company says the program ran through the first quarter and is now being disclosed publicly.

The firm sold 284 BTC at about $70,400 per coin, a sale the company acknowledged was below its cost basis. Nakamoto intends to preserve the bulk of its BTC holdings while using a smaller portion of the treasury as collateral for derivatives positions. The company has opened a dedicated account with Bitwise to oversee the program and will use Kraken to hold assets and execute trades. Some coins may be moved to new addresses as parts of the program are activated. On-chain data tied to a known company wallet showed 3,988 BTC as of April 24, reflecting coins already used in the program and transfers to other addresses.

Nakamoto plans to establish a separate vehicle to generate steady inflows by trading BTC implied volatility. Implied volatility is a forward-looking measure derived from option prices that reflects market expectations for future price swings; the company will use it to estimate option premiums and measure risk. The firm intends to buy protective puts and layered put spreads to limit losses if BTC falls, while selling call options to collect premium income.

Income from the options strategy may be used to buy additional BTC, cover operating expenses or provide working capital. Nakamoto says it will apply only a portion of its holdings as collateral and will aim to limit the risk of permanent loss of coins. The company will continue reporting its holdings and disclose activity as required under market rules.

Nakamoto reports it ranks among the top 20 public companies by bitcoin holdings. The company has reported an mNAV metric of 0.24, the lowest among comparable playbook companies. NAKA stock has fallen about 99% from a May 2025 peak of $22.60 to trade near $0.21, with lighter trading volumes and relatively low short open interest.