Terrill Dicki
Apr 24, 2026 15:50
Nakamoto launches a Bitcoin derivatives program with Bitwise and Kraken to hedge BTC downside risk and generate options income during volatility.
Nakamoto, a Nasdaq-listed Bitcoin treasury management firm, has launched an actively managed Bitcoin derivatives program designed to mitigate downside risk and generate recurring income amid ongoing market volatility. The initiative, announced on April 24, is managed in partnership with Bitwise Asset Management and Kraken’s custody solution.
The program, first implemented in Q1 2026, uses a portion of Nakamoto’s Bitcoin holdings as collateral for a derivatives strategy. By leveraging Bitcoin’s high implied volatility, the company aims to systematically capture premium opportunities and create long-term value for shareholders, according to Tyler Evans, Nakamoto’s Chief Investment Officer.
“Bitcoin’s implied volatility is one of the most persistently mispriced assets in capital markets,” Evans said, underscoring the company’s strategy to “harvest that premium at scale.” Bitcoin derivatives, such as options and futures, allow traders to speculate on price movements or hedge against potential losses, making them a critical tool for treasury management during turbulent markets.
Pressure Mounts on Bitcoin Treasury Firms
This move reflects a broader trend among Bitcoin treasury companies seeking alternatives to outright asset sales. Prolonged price weakness continues to challenge firms holding significant crypto reserves. Bitcoin is currently trading at $77,928.69, down approximately 38% from its all-time high of $126,198 reached in October 2025, according to TradingView data.
Nakamoto itself has already liquidated part of its holdings this year, selling 284 BTC (worth around $20 million at the time) in March. As of now, the company holds 5,098 BTC, valued at approximately $395 million, making it the 20th-largest Bitcoin treasury globally, according to Bitcointreasuries.net.
Other firms have also taken decisive actions. Genius Group liquidated its entire 84 BTC treasury earlier this year to address debt obligations, while Empery Digital sold 357.7 BTC in February for $24.7 million. These sales highlight the challenges treasury firms face in balancing liquidity needs with exposure to Bitcoin’s notorious volatility.
Market Context and Implications
Bitcoin’s three-month volatility has recently hit a low, and leverage has been unwinding across the market, signaling a cautious environment for investors. Nakamoto’s derivatives program positions the company to weather these conditions by transforming volatility into a source of income while reducing downside risks. This could serve as a model for other crypto-heavy firms grappling with similar balance sheet pressures.
However, the program’s success will depend on market dynamics and the execution of its derivatives strategy. With Bitcoin’s market cap still at $1.56 trillion and 24-hour price movements relatively muted (-0.23%), the broader crypto market remains in a consolidation phase. Investors will likely watch Nakamoto’s next earnings report closely to assess the financial impact of this program.
As the largest Bitcoin treasury company to publicly disclose such a derivatives program, Nakamoto’s approach could pave the way for other firms to adopt similar strategies. Whether this will help stabilize the fortunes of Bitcoin treasury companies remains to be seen, but it’s clear that innovation in risk management is becoming increasingly critical in the crypto space.
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