BTGD Cash-Secured Put Strategy
BTGD (STKd 100% Bitcoin & 100% Gold ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Quantify Funds STKd 100% Bitcoin & 100% Gold ETF offers long-term capital appreciation by investing in two complementary investment strategies; a Bitcoin strategy and a gold strategy.
BTGD (STKd 100% Bitcoin & 100% Gold ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $42.5M, a beta of 1.67 versus the broader market, a 52-week range of 25.14-48.86, average daily share volume of 83K, a public-listing history dating back to 2024. These structural characteristics shape how BTGD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.67 indicates BTGD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BTGD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on BTGD?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current BTGD snapshot
As of May 15, 2026, spot at $30.55, ATM IV 41.30%, IV rank 5.82%, expected move 11.84%. The cash-secured put on BTGD below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this cash-secured put structure on BTGD specifically: BTGD IV at 41.30% is on the cheap side of its 1-year range, which means a premium-selling BTGD cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.84% (roughly $3.62 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTGD expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTGD should anchor to the underlying notional of $30.55 per share and to the trader's directional view on BTGD etf.
BTGD cash-secured put setup
The BTGD cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BTGD near $30.55, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTGD chain at a 34-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 BTGD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $29.00 | $0.85 |
BTGD cash-secured put risk and reward
- Net Premium / Debit
- +$85.00
- Max Profit (per contract)
- $85.00
- Max Loss (per contract)
- -$2,814.00
- Breakeven(s)
- $28.15
- Risk / Reward Ratio
- 0.030
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
BTGD cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BTGD. 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 | -100.0% | -$2,814.00 |
| $6.76 | -77.9% | -$2,138.63 |
| $13.52 | -55.8% | -$1,463.27 |
| $20.27 | -33.6% | -$787.90 |
| $27.02 | -11.5% | -$112.53 |
| $33.78 | +10.6% | +$85.00 |
| $40.53 | +32.7% | +$85.00 |
| $47.29 | +54.8% | +$85.00 |
| $54.04 | +76.9% | +$85.00 |
| $60.79 | +99.0% | +$85.00 |
When traders use cash-secured put on BTGD
Cash-secured puts on BTGD earn premium while a trader waits to acquire BTGD etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BTGD.
BTGD thesis for this cash-secured put
The market-implied 1-standard-deviation range for BTGD extends from approximately $26.93 on the downside to $34.17 on the upside. A BTGD cash-secured put lets a trader earn premium while waiting to acquire BTGD at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current BTGD IV rank near 5.82% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on BTGD at 41.30%. As a Financial Services name, BTGD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTGD-specific events.
BTGD cash-secured put positions are structurally neutral to slightly bullish; 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. BTGD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTGD alongside the broader basket even when BTGD-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BTGD carry tail risk when realized volatility exceeds the implied move; review historical BTGD earnings reactions and macro stress periods before sizing. Always rebuild the position from current BTGD chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on BTGD?
- A cash-secured put on BTGD is the cash-secured put strategy applied to BTGD (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With BTGD etf trading near $30.55, the strikes shown on this page are snapped to the nearest listed BTGD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BTGD cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the BTGD cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 41.30%), the computed maximum profit is $85.00 per contract and the computed maximum loss is -$2,814.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BTGD cash-secured put?
- The breakeven for the BTGD cash-secured put priced on this page is roughly $28.15 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current BTGD market-implied 1-standard-deviation expected move is approximately 11.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on BTGD?
- Cash-secured puts on BTGD earn premium while a trader waits to acquire BTGD etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BTGD.
- How does current BTGD implied volatility affect this cash-secured put?
- BTGD ATM IV is at 41.30% with IV rank near 5.82%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.