Episode Details

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

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🎬 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.

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