The Institutional Bitcoin Treasury Playbook
SDM COO Alan Mittleman sits down with Bitcoin Treasuries to discuss the derivatives, lending, and accumulation strategies that treasury managers need before volatility hits, not after.
How to generate yield on a non-yielding asset
Drawdown protection that's defensible to any board or auditor
Smarter accumulation from day one
Liquidity without forced selling
What This Session Covers
Common Treasury Use Cases
Use Case 01 - The Yield Illusion Bitcoin generates zero native yield. Covered calls, cash-secured puts, and structured accumulation programs generate real income against your holdings — including a worked example of a zero-cost, two-year loan funded entirely by covered call premium.
8–15%
annualized premium yield ↳ BTC's high volatility is what makes these premiums rich
3–5x
higher vol than stock markets ↳ More vol = more income potential
Use Case 02 - Volatility Is Not the Enemy Unmanaged volatility is. Learn when to use a protective put, when a put spread is cheaper, and how a zero-cost collar lets you participate in a rally while capping worst-case loss in a way that's documented and defensible for any board or auditor.
$0
net cost collar structure ↳ Full downside protection, no premium paid
50–93%
historical BTC drawdown range ↳ That's what you're protecting against
Use Case 03 - The Loan Nobody Talks About A BTC-backed loan gives you access to capital without selling, without triggering a taxable event, and without crystallizing a loss. Pair it with a covered call and the interest pays for itself.
$65
max LTV ↳ Borrow against BTX without touching your position
0%
net cost of capital ↳ Covered call premium offsets the interest entirely
Precision Execution for
Bitcoin Treasuries
Whether you're making your first allocation or scaling an existing BTC position, SDM delivers discreet, high-capacity execution across spot, derivatives, and lending. Everything covered in the session is available to SDM clients today.
Trade via RFQ
Trade via SDM Live
Trade via API
24/7/365 coverage across global time zones
Deep multi-venue liquidity for BTC and digital assets
Execution via RFQ, SDM Live GUI, or API
Algo execution: TWAP, VWAP, Iceberg, Time-Sliced, and more
Currency support: USD, EUR, CAD, GBP
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Fixed Rates
No Rehypothecation
Institutional Coverage
Loan-to-Value (LTV)
Up to 65%
Typical Term
18–48 Months
Asset Safety
Secure Cold Storage Wallet
Liquidity Management
Liquidity Without Forced Selling
One of the most underused tools in Bitcoin treasury management. A BTC-backed loan at 65% LTV gives you working capital without selling into weakness, without a taxable event, and without crystallizing a drawdown you may never recover from. Most of the loans SDM structures are non-recourse. Pair that with a put spread on the collateral and you've neutralized margin call risk almost entirely.
Starting at $500,000 USD facility size
No rehypothecation: assets are not re-lent
Transparent Fair Market Price (FMP) methodology
Dedicated secure collateral environment
No upside rebalancing if collateral appreciates
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Structured Products
Derivatives | Hedge Risk or Enhance Returns
The session walks through the full derivatives toolkit available to Bitcoin treasury managers, from covered calls that generate income on idle holdings, to protective puts and zero-cost collars that cap your worst-case loss without giving up upside. SDM Financial provides bespoke, bilateral structured products for institutions that need flexibility, privacy, and white-glove guidance that exchanges can't offer.
Downside Protection
Hedge risk with protective puts and zero-cost collars
Lock in future flows via NDFs and futures
Disciplined Decumulators for inventory hedging
Capital-efficient collateral terms starting at 25%
Yield Enhancement
Hedge risk with protective puts and zero-cost collars
Lock in future flows via NDFs and futures
Disciplined Decumulators for inventory hedging
Capital-efficient collateral terms starting at 25%
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Why Bitcoin Treasuries Choose SDM
Precision execution and multi-asset support built for price-sensitive corporate entities.
White-Glove Coverage
Dedicated coverage team providing 24/7 market access, price discovery, and execution strategies tailored to long-term holders.
Regulatory & Compliance Focused
SDM is a Canadian regulated entity with rigorous KYC/AML standards and audit-ready reporting for boards and auditors.
Full-Stack Treasury Support
Trade, borrow, hedge, and manage BTC positions with a single counterparty instead of stitching together multiple providers.
Institutional-Grade Execution
Multi-venue liquidity, OTC block trading, and advanced execution (RFQ, GUI, API) designed for large, price-sensitive orders.
Ecosystem
Who We Serve
SDM supports a broad range of institutional BTC holders and treasury managers.
Public Companies & Corporate Treasuries
Balance sheet BTC acquisitions, strategic reallocations, and risk-managed treasury programs.
Token Issuers & Protocol Treasuries
Managing native token reserves, BTC allocations, and stablecoin buffers with trading + lending + derivatives.
Miners
Monetizing mining rewards, hedging BTC price risk, and borrowing against holdings to fund operations.
Hedge Funds & Asset Managers
Directional BTC exposure, volatility strategies, and collateralized lending to preserve NAV.
Payment Processors & OTC Desks
BTC inventory management, hedging, and liquidity for client-facing platforms.
Get Access
Onboard and Begin Trading BTC
An efficient institutional framework for moving from initial application to ongoing execution.
1
Complete Onboarding
Submit your institutional application at portal.securedigitalmarkets.com.
2
KYC & Agreements
Complete KYC & execute onboarding documentation.
3
Fund & Set Mandate
Define objectives (accumulation, hedging, yield) and fund your account.
4
Execute & Monitor
Trade via GUI, RFQ, or API and receive ongoing reporting and coverage.
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GET IN TOUCH
Connect with the Treasury Desk
Email the Desk
sales@sdm.co
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