Nakamoto Puts 5,058 BTC Treasury to Work via Options as Bitcoin Rises 0.7% to $77.7K

Nakamoto Inc. is actively managing its 5,058 BTC treasury (~$395M) through an options program with Bitwise management and Kraken custody, selling covered calls for income and buying protective puts for hedges—operational since Q1 2026. Details unfolded across April 24 announcements after the firm sold 284 BTC at $70,400 earlier, with its known wallet holding 3,988 BTC. Bitcoin trades near $77,727, up 0.7% in low-volatility conditions 38% below its $126K peak. Q1 results will appear in the upcoming Form 10-Q, signaling institutional volatility strategies without spot sales.