BLCK Butterfly Strategy
BLCK (Corgi ETF Trust I - Corgi Crypto Infrastructure ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on CBOE.
BLCK provides actively managed exposure to companies supporting the infrastructure behind digital assets and blockchain ecosystems. Rather than investing directly in cryptocurrencies, the strategy focuses on businesses involved in areas such as digital asset trading, custody, blockchain analytics, mining infrastructure, settlement systems, and crypto-related payment technology. Security selection combines thematic, quantitative, and bottom-up analysis, with emphasis placed on revenue exposure and strategic positioning within the evolving digital asset landscape. The portfolio may include both US and international firms and can invest in less liquid opportunities, including special purpose vehicles aligned with the theme.
BLCK (Corgi ETF Trust I - Corgi Crypto Infrastructure ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $328,164, a beta of 5.80 versus the broader market, a 52-week range of 16.28-29.68, average daily share volume of 0K, a public-listing history dating back to 2026. These structural characteristics shape how BLCK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 5.80 indicates BLCK has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on BLCK?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
BLCK snapshot
As of November 13, 2026, spot at $16.98. The butterfly on BLCK below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on BLCK specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BLCK is inferred from ATM IV alone. The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BLCK expiries trade a higher absolute premium for lower per-day decay. Position sizing on BLCK should anchor to the underlying notional of $16.98 per share and to the trader's directional view on BLCK etf.
BLCK butterfly setup
The BLCK butterfly below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BLCK at $16.98 on that close, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BLCK chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BLCK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $16.00 | $1.90 |
| Sell 2 | Call | $17.00 | $1.35 |
| Buy 1 | Call | $18.00 | $0.96 |
BLCK butterfly risk and reward
- Net Premium / Debit
- -$16.00
- Max Profit (per contract)
- $76.97
- Max Loss (per contract)
- -$16.00
- Breakeven(s)
- $16.16, $17.84
- Risk / Reward Ratio
- 4.811
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
BLCK butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on BLCK. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$16.00 |
| $3.76 | -77.8% | -$16.00 |
| $7.52 | -55.7% | -$16.00 |
| $11.27 | -33.6% | -$16.00 |
| $15.02 | -11.5% | -$16.00 |
| $18.78 | +10.6% | -$16.00 |
| $22.53 | +32.7% | -$16.00 |
| $26.28 | +54.8% | -$16.00 |
| $30.04 | +76.9% | -$16.00 |
| $33.79 | +99.0% | -$16.00 |
When traders use butterfly on BLCK
Butterflies on BLCK are pinning bets - traders use them when they expect BLCK to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
BLCK thesis for this butterfly
A BLCK long call butterfly is a pinning play: it pays maximum at the middle strike if BLCK settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, BLCK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BLCK-specific events.
BLCK butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BLCK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BLCK alongside the broader basket even when BLCK-specific fundamentals are unchanged. Always rebuild the position from current BLCK chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on BLCK?
- A butterfly on BLCK is the butterfly strategy applied to BLCK (etf). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With BLCK etf at $16.98 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BLCK chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are BLCK butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the BLCK butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $76.97 per contract and the computed maximum loss is -$16.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BLCK butterfly?
- The breakeven for the BLCK butterfly priced on this page is roughly $16.16 and $17.84 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk.
- When should you consider a butterfly on BLCK?
- Butterflies on BLCK are pinning bets - traders use them when they expect BLCK to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current BLCK implied volatility affect this butterfly?
- Current BLCK ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.