Nakamoto Taps Bitwise and Kraken for Bitcoin Options Hedging Strategy

Nasdaq-listed Bitcoin treasury company Nakamoto holds a large amount of BTC, leaving its balance sheet directly exposed to price declines. The company has appointed Bitwise Asset Management to manage an options strategy, with Kraken providing qualified custody. It aims to collect premiums and reduce downside risk without selling its spot holdings, reflecting the growing use of institutional-grade derivatives in corporate treasury management.

Nakamoto said on April 24, 2026, that the program had been operating since the first quarter of 2026. It uses a portion of the company's Bitcoin holdings as collateral in a separately managed account, though Nakamoto did not disclose the amount committed. The company held 5,098 BTC, worth about $395 million at the time. Bitcoin was trading at $78,151, about 38% below its October 2025 peak of $126,198.