Latest actions
- Dec 12, 2025: The first option trade (ESPI 36/2025) expired unexercised - BTCS kept 0.90636 BTC premium.
- Same day, new structure: sold 58.1 BTC PUTs (86,000 USD strike; Dec 26, 2025) - premium 0.78435 BTC; plus a 100-105k USD CALL spread (52 lots) - cost 0.156 BTC.
- Net premium from this structure: 0.62835 BTC.
- Total net premiums since QCP start (Nov 26-Dec 12, 2025): 1.53471 BTC.
How it works (simple)
- Short PUT → either we buy BTC at 86,000 USD if assigned, or we keep the premium.
- CALL spread → limited participation if BTC finishes between 100-105k USD.
- Outcome 1: immediate, BTC-denominated income.
- Outcome 2: if assigned, the effective cost per BTC is reduced by the premium value at settlement.
Safety rails
- No leverage and full cash collateral (stablecoins) for obligations.
- Qualified custody and risk controls (limits, liquidity buffers).
- Decisions and outcomes are disclosed via ESPI.
What it means for shareholders
We consistently generate BTC income and keep the right to accumulate at known prices - an operational, process-driven way to build value, beyond just price beta.
Note: For information only; not investment advice.