Sell out-of-the-money calls against treasury BTC you already hold. You collect the premium upfront, typically 8–15% annualized, in exchange for capping upside above the strike. The desk sizes, strikes, and rolls the position to your inventory and view on volatility, turning a static balance into a recurring income line without touching custody.

Buy a protective put to floor the downside on a core position and finance it by selling a call above spot, structured so the two premiums net to roughly zero. You get a defined, board-defensible drawdown band with no cash out of pocket. Strikes and tenor are tuned to the protection level your risk committee will actually sign off on.

Hold spot and sell an equivalent dated future trading at a premium, locking the spread as yield realized at maturity. The position is delta-neutral, with no directional price exposure. The desk sources optimal entry across venues and holds both legs to expiry, capturing the full premium as the future converges to spot.

Post BTC as collateral. The desk sells the spot and buys an equivalent dated future, locking the spread at entry and paying out the full cash proceeds, effectively a loan against your BTC while you keep full economic exposure through the long future. At expiry the legs close, your BTC position is reconstituted, and you repay the proceeds. Your only cost is the basis spread, a transparent, market-implied borrowing rate with no hidden fees. The structure stays delta-neutral throughout.