Nakamoto Inc. (NASDAQ: NAKA) said it has launched a Bitcoin derivatives program using part of its Bitcoin holdings as collateral. According to the announcement, the assets will be placed in Kraken’s compliant custody solution, while Bitwise will manage covered calls, call spreads, protective puts, and put spreads through a separately managed account. The company’s previously disclosed approach of using options on a portion of its Bitcoin position now includes additional details on collateral use, custody, account structure, and the specific derivatives strategies involved.