Your Board Is Asking Questions - Protecting Your Bitcoin Treasury w/ Alan Mittleman of SDM

Alan Mittleman spent 25 years trading fixed income derivatives on Wall Street before joining Secure Digital Markets as COO and Head of Global Derivative Trading. Now he works with Bitcoin treasury companies to do something most of them aren't doing: building an actual plan for the Bitcoin they hold. Buy at a discount. Earn yield. Protect the downside. Most treasuries skip all three. This is the playbook SDM runs for institutional clients navigating the accumulation phase. In this episode, we cover: ✅ Why most Bitcoin treasuries have no plan once they've bought their Bitcoin — and why that's a problem ✅ How to use covered calls to generate yield on your holdings without selling a single sat ✅ The Bitcoin accumulator strategy — how to buy BTC at a ~10% discount to spot with zero upfront cost ✅ Selling cash-secured puts as an accumulation tool: collecting premium while lowering your cost basis ✅ How to borrow against your Bitcoin for liquidity without triggering a taxable event or locking in a loss ✅ The zero-cost loan structure: pairing a Bitcoin-backed loan with a deep out-of-the-money covered call to offset 100% of your interest expense 🎙️ Featured Guest: Alan Mittleman — COO, Secure Digital Markets (SDM). Head of U.S. and Global Derivative Trading. Learn more at https://treasuries.sdm.co/ 🙏 Special Thanks: @hemi_xyz — powering Bitcoin-native infrastructure.  Follow them at / @hemi_xyz and learn more at https://hemi.xyz 🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bitgo.com COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://store.coinkite.com — use referral code 6BT to get 6% off at checkout! Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://archlending.com 🔗 Resources: 🔔 Follow Bitcoin Treasuries: / @btctreasuries 🔔 Follow Tyler: / @tylercompiler 🔔 Subscribe: / @bitcointreasuriesnet 📊 Track every Bitcoin treasury company at https://bitcointreasuries.net 🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research. 🟠 Stay Orange.