Nakamoto, Inc., a cryptocurrency company listed on Nasdaq, has announced a shift towards more active management of its Bitcoin holdings, aiming to enhance returns and limit risks. The firm, previously known for passively holding Bitcoin, recently began openly sharing details of its derivative and risk management strategies. With a total of 5,058 BTC spread across various platforms, Nakamoto now ranks among the top 20 public companies worldwide in Bitcoin ownership. The company’s previously idle BTC treasury will now be utilized in derivative products, marking a notable change in its approach to crypto asset management.
New treasury management and strategic partnerships
Recently, Nakamoto took its first concrete step towards active management by selling 284 BTC at an average price of $70,400 each. Although the sale price was under the company’s acquisition cost, this move signaled the adoption of a new operational roadmap.
To manage its derivatives strategy, Nakamoto has established a dedicated partnership with Bitwise, while relying on Kraken for the secure execution and custody of its crypto transactions. These collaborations are intended to facilitate greater operational flexibility and the ability to move assets across different platforms.
As of April 24, only 3,988 BTC remain in Nakamoto’s known wallet. The rest of its holdings have been allocated as collateral for derivative positions. Under this approach, only a small portion of the treasury is exposed to market risk for risk management purposes.
Focus on Bitcoin implied volatility in derivatives
Nakamoto is targeting revenue generation based on Bitcoin implied volatility. This new structure is designed to create regular cash flow and bolster the company’s balance sheet through various options strategies. Unlike passive Bitcoin storage, this active approach seeks to monetize price volatility and generate income from assets that traditionally provide no direct yield.
Implied volatility data reflects the market’s forward-looking expectations and is priced into the options markets. Using these metrics, Nakamoto will assess market risk and investor sentiment. The company plans to protect its holdings by opening put options and put spreads, while also generating funds by selling call options. The ultimate goal is to secure returns both in BTC and US dollars regardless of market direction.
Revenue strategy, industry position, and market context
Revenue generated through these strategies can be used to purchase additional BTC, cover operational expenses, or support working capital needs. Nakamoto’s core objective is to create a steady income stream from its Bitcoin without actual sales, thereby securing its position as a Digital Asset Treasury (DAT) company in the crypto sector.
According to Crypto Appsy data, Nakamoto’s latest BTC sale was completed at a price of $70,400 per coin. This active management approach could serve as a model for other firms that currently restrict their treasury operations to simple Bitcoin storage.
Recently, several companies—including Satsuma—have been under pressure to sell their BTC reserves. Likewise, some former mining firms are divesting their crypto assets in favor of entering the artificial intelligence industry. Among these players, Nakamoto stands out as the sole company implementing a blend of BTC sales and advanced financial strategies to maintain liquidity.
However, Nakamoto’s financial metrics have shown significant decline. Its mNAV ratio is now 0.24, the lowest among comparable “playbook” companies. Stocked as NAKA on Nasdaq, shares have dropped 99% from their May 2025 peak of $22.60 and now trade around $0.21. Trading volume remains low, and there is limited short interest. Should Nakamoto’s derivative-based strategies succeed, it could pave the way for similar firms to follow.
The company sees active management and derivative products as the only way to profit from its Bitcoin treasury. In addition, Nakamoto aims to generate income without selling BTC, while managing overall market risk and exposure.
