Unchained · Friday, July 3, 2026
The use of options to generate synthetic yield, such as through covered call selling, has been a strategy employed by market participants. While these strategies can offer positive yields, they differ significantly from strategies for assets like Bitcoin, which lack native yield.
“The one thing I would say, and this is just, uh, detaching a little bit from the strategy conversation, uh, I actually put out a long paper on this about how, uh, folks have been using options to generate synthetic yield, right? So strategies like covered call selling.”
“But in this case, yes, you are right. Uh, Bitcoin doesn't have a native yield. So it is a lot, uh, different, uh, the strategy that that a Bitcoin treasury company will implement versus what, uh, an Ethereum or Solana or hype treasury company.”