Nakamoto, Inc. has executed its first concrete step toward active treasury management: selling 284 Bitcoin at an average price of $70,400 per coin, according to CryptoComLearn. Though the sale price sits below the company's acquisition cost, the move signals a strategic pivot from passive storage to a derivatives-driven model.
Partnerships and Asset Reallocation
To operationalize the new strategy, Nakamoto formed a dedicated partnership with Bitwise to manage derivatives activities, while relying on Kraken for secure execution and custody of crypto transactions. As of April 24, only 3,988 BTC remain in the firm's known wallet. The rest of its holdings have been allocated as collateral for derivative positions, leaving just a small fraction of treasury assets exposed to direct market risk.
Focus on Bitcoin Implied Volatility
The new structure targets revenue generation based on Bitcoin implied volatility, which reflects market expectations priced into options. Nakamoto plans to open put options and put spreads to protect holdings, while selling call options to generate premium income. The ultimate goal: secure returns in both BTC and US dollars regardless of market direction, without selling the underlying coins.
Revenue from these strategies can fund additional BTC purchases, cover operating expenses, or support working capital needs. The core objective is to create a steady income stream from Bitcoin without actual sales, effectively monetizing price volatility.
Weakening Financials and Market Context
Nakamoto's mNAV ratio now stands at 0.24, the lowest among comparable playbook companies. Listed on Nasdaq as NAKA, shares have tumbled 99% from their May 2025 peak of $22.60 to around $0.21. Trading volume remains low with limited short interest. If the derivatives approach succeeds, it could pave the way for other firms currently restricted to simple Bitcoin storage. In contrast, several companies—including Satsuma—are under pressure to sell BTC reserves, while some former miners are dumping crypto assets to enter the AI sector. Nakamoto stands alone in blending BTC sales with advanced financial strategies to maintain liquidity.
The company sees active management and derivative products as the only way to profit from its Bitcoin treasury, aiming to generate income without selling BTC while managing overall market risk and exposure.
According to Crypto Appsy data, the latest BTC sale was completed at $70,400 per coin. This move could serve as a model for institutional treasurers exploring active digital asset management.