On June 11, Bitcoin treasury company Nakamoto said it cut outstanding debt by about $45 million after selling roughly 600 BTC and related derivative positions for net proceeds near $48 million, leaving about 4,467 BTC on its balance sheet. It also agreed a term sheet with Payward Interactive to extend about $105 million to June 30, 2027 and approved up to $25 million in share buybacks through 2026.

David Bailey reported that Nakamoto reduced its debt by $45 million while maintaining a treasury of 4,468 BTC. The update highlights a sizable debt reduction alongside unchanged bitcoin holdings, based on Bailey's statement.

Nakamoto, a bitcoin treasury firm, said on June 11 it has strengthened its capital structure and increased financial flexibility through a combination of debt reduction, refinancing and a new share buyback authorization. The company paid down roughly $45 million of outstanding debt by selling part of its bitcoin holdings and closing bitcoin-related derivatives. It sold about 600 BTC and related derivative positions, generating net proceeds of approximately $48 million. After the transaction, Nakamoto reported holding around 4,467 BTC on its balance sheet. Nakamoto also signed a new term sheet with Payward Interactive, a Kraken subsidiary, to extend about $105 million of USDT principal to June 30, 2027. Total remaining debt stands at $165 million, including $60 million due on December 4, 2026. Separately, the board approved a share repurchase program of up to $25 million through December 31, 2026. The company may buy back common stock via open-market purchases, privately negotiated deals, block trades or other methods.

Bitcoin's derivatives market is increasingly being driven by options rather than futures. Notional open interest in BTC options has risen to about $60 billion, roughly 10 times higher than five years ago, and it now frequently exceeds open interest in Bitcoin futures. Positioning inside that $60 billion highlights a notable shift in behavior. Calls now account for just under 60% of open interest, down from around 70% two years ago. A 70% call share typically signals a market heavily skewed toward upside bets. With the put/call open interest ratio now ranging between 0.7 and 0.84, the current mix points more toward hedging activity. Deribit remains the leading crypto options venue. It posted BTC options open interest of $31.3 billion in May 2026. At the market's late-2025 peak, Deribit alone recorded figures above $50 billion. CME has also been expanding in crypto options, adding competition that can narrow spreads and improve execution. Data from analytics providers such as Checkonchain indicates options open interest has consistently run ahead of futures since mid-2025. Several forces are pushing this rotation toward options. Greater institutional participation has brought investors focused on portfolio construction and risk controls rather than high-leverage directional trades. Spot Bitcoin ETFs have also created large pools of capital with ongoing hedging needs. At the same time, options market infrastructure—liquidity, pricing, and the broader trading stack—has matured enough to support sustained institutional-scale flow. The declining call share also reflects a change in how options are being used. In the 2021 cycle, activity leaned heavily toward out-of-the-money calls—effectively lottery-ticket upside exposure. The current market appears more balanced across strategies, including covered calls, protective puts, spreads, and more complex structures that rely on a functioning volatility surface. For investors, the higher put/call ratio can open opportunities in volatility trading. Stronger demand for downside protection may lift implied volatility on puts and steepen downside skew, creating potential setups through trades such as risk reversals or ratio spreads. Market structure is also becoming more important. Deribit's $31.3 billion in open interest keeps it in the lead, while CME's growing presence brings regulated infrastructure that many institutional allocators prefer. The expanding options market adds a separate layer of risk dynamics. With roughly $60 billion in notional open interest, large expiries can influence spot behavior, sometimes drawing prices toward key strikes around monthly and quarterly expirations. The "max pain" effect tends to become more visible as open interest grows. A put/call ratio of 0.7 to 0.84 is close to levels commonly seen in mature equity options markets. Taken together with the 10x rise in open interest over five years and options surpassing futures, the data suggests Bitcoin derivatives are shifting from primarily leveraged speculation toward broader risk management.

BlackRock is closing in on the launch of the iShares Bitcoin Premium Income ETF, expected to list on Nasdaq under the ticker BITA. According to a fourth amended filing submitted Tuesday, BITA is designed to pair spot Bitcoin exposure with an options-based income overlay. The fund will hold bitcoin along with shares of BlackRock\u0027s iShares Bitcoin Trust (IBIT), the $47 billion spot Bitcoin ETF, and will sell call options on IBIT shares each month. BITA plans to write calls on roughly 25% to 35% of the portfolio at any given time. Call buyers gain the right to purchase shares at a preset price, while the fund keeps the option premium and aims to distribute that income to investors. The trade-off is typical of covered-call strategies: more consistent cash flow, but capped upside if bitcoin rallies sharply. BlackRock is also pushing on fees. The sponsor fee is set at 0.65%, below YieldMax\u0027s YBTC at 0.95% and Neos\u0027 BTCI at 0.99%, stepping up competition in the covered-call Bitcoin ETF category. Bloomberg ETF analyst Eric Balchunas said the latest amendment appears close to final, suggesting a launch could come soon. The timing also puts BlackRock in a race with Goldman Sachs, which is expected to bring its own Bitcoin income product to market around July 1. The filing indicates BITA has already been seeded and has begun purchasing bitcoin and IBIT shares, signaling that preparations are well advanced. The product would also expand BlackRock\u0027s influence in Bitcoin ETFs, where IBIT has emerged as the flagship fund and has continued to pull in assets even when competitors see outflows. A key open question is whether adding yield changes how investors and advisors use bitcoin. Income distributions may make volatility easier to hold in traditional brokerage accounts, but they also convert some potential upside into monthly option premiums and deliver a more muted return profile over time.

Bitcoin ETFs have seen nearly $5.75 billion of outflows since mid May, and Sygnum CIO Fabian Dori said exchange flows and stablecoin supply do not show signs of capital leaving crypto for IPOs. He pointed to falling CME bitcoin futures open interest alongside redemptions, consistent with cash and carry arbitrage positions being unwound.

Morgan Stanley has increased its Bitcoin exposure through its spot Bitcoin ETF, MSBT. Arkham monitoring data cited by ChainCatcher shows the firm bought 71.661 BTC on the dip, a position valued at about $4.57 million. Total Bitcoin holdings now stand at 3,850 BTC, worth roughly $242.6 million.

Nakamoto Inc. said it has eliminated $45 million of debt, approved a $25 million share repurchase program and returned to compliance with Nasdaq listing requirements. The debt reduction removes a key constraint for a Bitcoin-focused business: fixed obligations alongside an asset class known for sharp price swings. With the debt overhang gone, the company gains additional balance-sheet flexibility. The board's $25 million buyback authorization indicates management views the stock as attractive at current levels. Repurchases reduce shares outstanding and can lift earnings per share. Nakamoto's restored Nasdaq compliance also improves access to institutional capital. Noncompliance can force selling by funds restricted from holding securities that do not meet listing standards. The company also runs an actively managed Bitcoin derivatives strategy through Bitwise Asset Management, aimed at improving treasury management by generating yield on Bitcoin holdings and hedging downside risk. Kraken Institutional provides custody for the Bitcoin posted as collateral. For investors, the debt elimination materially lowers risk. With $45 million in debt, the company effectively operated as a leveraged exposure to Bitcoin; removing that leverage reduces bankruptcy risk in a downturn. Completion of the full $25 million buyback would also meaningfully reduce the float. A key variable remains execution of the derivatives program. Options strategies can cap upside, futures positions introduce margin requirements, and derivatives markets carry counterparty risk. Investors may want to track performance during sharp Bitcoin drawdowns, when hedges can behave unpredictably and losses can emerge quickly.

Bitcoin extended its recovery, gaining 2.4% over the past 24 hours to trade near $62,800, according to CoinDesk. Its market dominance has climbed back to 59% from last week's 57.9% low, signaling a renewed tilt in capital toward top-tier crypto assets as major altcoins continue to lag. Charts show Bitcoin holding above its 200-week moving average, a level widely tracked as a barometer of the long-term trend. By contrast, large-cap tokens such as ETH, SOL and XRP have yet to regain that threshold, underscoring heavier pressure across the altcoin complex. Broader benchmarks also rose. The CoinDesk 20 Index added 2.3% to 1,690, while the Memecoin Index advanced 2.7%. Flows remained uneven, with demand concentrating in Bitcoin rather than spreading across major altcoins. Derivatives markets continue to reflect ongoing deleveraging and muted risk appetite. Roughly $378 million in positions were liquidated over the past 24 hours, including more than $207 million from long liquidations, suggesting traders positioned for gains are still being forced out. Open interest in Bitcoin and Ethereum futures was little changed, pointing to limited appetite for fresh leverage. In the Deribit options market, BTC and ETH puts are generally priced richer than calls across key expiries, indicating a stronger focus on downside hedging than on bets tied to a sudden pickup in near-term volatility. Total 24-hour settlement volume was about $378 million. On June 13, trading was notably active in a $58,000 BTC put. Outside the majors, several low-market-cap tokens saw sharp moves. Audiera's BEAT token jumped another 57% in a day, taking its seven-day gain to more than 500%. Velvet's VELVET token is up roughly 800% over the past 30 days and more than doubled in the last 24 hours. VELVET's rally has been tied to enthusiasm for pre-IPO perpetual contracts, which allow traders to speculate on valuation shifts before a company lists publicly. Market attention has centered on names such as SpaceX, OpenAI and Anthropic, with related markets already offered on platforms including Injective, Hyperliquid and Crypto.com. The volatility in VELVET has also drawn scrutiny. On-chain analyst account Lookonchain flagged the linkage between its spot and futures pricing and the potential for selling pressure after the spike. The token traded in a wide intraday range, swinging from $0.29 to $1.07. CoinDesk added that Velvet Protocol's current deposit size is about $6.53 million, while the token's market capitalization is around $339 million, highlighting a sizable gap between funds held on the platform and its implied valuation.