Nakamoto, Inc., which operates in the cryptocurrency market and is traded on Nasdaq, announced to the public that it has now decided to manage its Bitcoin treasury more actively. The company has now started to transparently share the derivative and hedging strategies it has been implementing for a long time. Nakamoto is the 20th highest Bitcoin holder among public companies, holding a total of 5,058 BTC on various platforms. The company’s Bitcoins, which have remained idle until now, will now be used in derivative products with the aim of increasing the earning potential and at the same time limiting the risks.
New Treasury Management and Strategic Collaborations
The company recently took the first steps towards active management by selling 284 BTC at $70,400 per piece. Even though the sales price was below Nakamoto’s cost, the company gave a message of transition to a new road map with this move.
While a special partnership has been established with Bitwise for the management of the derivative strategy, it is also working with Kraken for the safe execution and storage of crypto trading transactions. Thus, Nakamoto is moving towards moving its existing treasury to different addresses and increasing operational flexibility.
As of April 24, Nakamoto appears to have 3,988 BTC remaining in his known wallet; The remaining part is used as collateral in derivative strategies. In this strategy, only a small portion of the treasury is allocated for risk management.
Focus on Derivatives: Bitcoin Implied Volatility
Nakamoto aims to generate income through Bitcoin implied volatility. A new structure to be established for this purpose aims to create regular cash flow and strengthen the company’s balance sheet through different option transactions. Since Bitcoin does not provide a direct return, this approach creates a more active income path compared to traditional passive storage methods.
Implied volatility data reflects the forward-looking expectations of the market and pricing in the options market. Nakamoto will have the opportunity to measure option premiums and evaluate market risk and investor tendency with this data. The company will open put options and put spread transactions to protect against Bitcoin’s loss of value, while also raising funds by selling call options. Aim; Earn directional profits both in BTC and in dollars.
Revenue Model, Industry Position and Market Situation
Nakamoto will be able to use the revenues he receives to purchase additional BTC, cover operational expenses or support working capital. The main goal of the company is to provide an income stream without selling its BTCs and to maintain its position as a DAT company in the crypto market.
According to Crypto Appsy data, Nakamoto’s last BTC sale took place at a price of $70,400. The approach implemented by the company can set an example for many institutions in the industry that limit treasury management to storing BTC only.
Recently, some companies have faced pressure to sell their BTC treasuries, such as in the case of Satsuma. In addition, former mining companies are also selling their treasures and turning to the artificial intelligence sector. Nakamoto is the only company among playbook companies that both sells BTC and tries new strategies to protect its financial structure.
The decline in Nakamoto’s financial indicators is noteworthy. Its mNAV value is at the lowest level among playbook companies, with 0.24. The company’s stock, codenamed NAKA, has lost 99 percent of its value since its peak of $22.60 in May 2025 and is currently trading around $0.21. Trading volume in the market is low and open short positions are limited. If Nakamoto’s derivative strategies are successful, it is predicted that it can open a new path for companies in similar positions.
The company states that the only way to generate returns from Bitcoin treasury is through active management and derivative transactions. In addition, Nakamoto aims to generate income and keep market risks under control without selling BTC.
