Grayscale Bitcoin Miners ETF (MNRS) Max Pain Analysis

Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.

Grayscale Bitcoin Miners ETF (MNRS) operates in the Financial Services sector, specifically the Asset Management - Cryptocurrency industry, with a market capitalization near $6.6M, listed on AMEX, carrying a beta of 4.47 to the broader market. The Grayscale Bitcoin Miners ETF (MNRS) is designed to offer investors targeted participation in the Bitcoin mining industry and its broader ecosystem. Led by Michael Sonnenshein, public since 2025-01-30.

Snapshot as of Jun 30, 2026.

Spot Price

$42.25

Max Pain Strike

$55.00

Total OI

53

As of Jun 30, 2026, Grayscale Bitcoin Miners ETF (MNRS) max pain sits at $55.00, which is above the current spot price of $42.25 (30.2% away). Spot sits 30.2% above max pain - the gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the actual price path before any expiration pull. MNRS sits in the lower-price band (spot $42.25), where $0.50-$2.50 strike spacing makes pin-to-strike effects easy to spot but per-contract dollar gamma is smaller. Total open interest across the listed chain is comparatively thin (53 contracts), so single-strike pinning is less reliable than it is for high-OI names. MNRS is currently in positive dealer gamma ($1.1K), the regime that mechanically reinforces pinning by inducing dealers to buy weakness and sell strength near heavy-OI strikes. Max pain identifies the strike at which the aggregate dollar value of all outstanding options contracts would expire with the least total intrinsic value, a gravitational reference rather than a price target.

MNRS Strategy Implications at the Current Max Pain Level

With spot 30.2% from the $55.00 max-pain level and Grayscale Bitcoin Miners ETF in a positive-gamma regime, where dealer hedging mechanically pulls spot toward heavy-OI strikes, strategy selection turns on cycle position and dealer positioning. Iron condors and credit spreads centered near the max-pain strike capture the typical end-of-cycle convergence when the regime supports pinning; ratio backspreads or directional debit structures fit names where catalyst flow is likely to overwhelm the hedging-driven pull. The gamma-exposure page shows the per-strike dealer book that determines whether hedging will reinforce or fight the pin.

How to read the MNRS max-pain chart

The open-interest histogram above shows where Grayscale Bitcoin Miners ETF call and put writers have stacked the most inventory. Strikes with elevated call OI act as overhead resistance when dealers are long-gamma (they sell rallies into the wall); strikes with elevated put OI act as support (dealers buy dips toward the wall). The max-pain strike is the single price at which the total cash payout to option holders is minimized - the lowest-pain price for the writers as a group. The max-pain strike sits at $55.00, 30.2% above spot. Net dealer gamma is positive at $1.1K, so as spot moves dealers sell rallies and buy dips, mechanically dampening realized volatility.

MNRS max-pain in context

Max pain is an end-of-cycle convergence signal, not an intraday compass. Cross-reference the level with the gamma-flip strike on the GEX page, the front-month ATM IV reading (currently 75.1%), and any catalyst risk on the calendar. Total listed OI on MNRS sits at 53 contracts; pin strength generally scales with this number, since heavier OI means more delta to hedge as spot drifts toward the strike. A pin can fail - earnings, FDA decisions, central-bank surprises, and other vol catalysts can rip spot past max pain regardless of where dealers want it. Use max pain to size risk-defined structures, not as a directional thesis.

Reading MNRS max-pain alongside dealer positioning

The clean version of the max-pain mechanism requires positive dealer gamma to enforce convergence; in a negative-gamma regime the same OI distribution can repel rather than attract spot. MNRS is currently in a positive-gamma regime, so the max-pain pull mechanic is structurally active. Combine the pin level with the gamma-flip level and the implied move to model out where spot is likely to anchor through expiration.

Learn how max pain is reported and how to read the data →

Frequently asked MNRS max pain analysis questions

What is the current MNRS max pain strike?

As of Jun 30, 2026, Grayscale Bitcoin Miners ETF (MNRS) max pain sits at $55.00, which is 30.2% above the current spot price of $42.25. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. A 30.2% gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the price path before any expiration pull.

Does MNRS pin to its max pain strike at expiration?

MNRS is currently in positive dealer gamma, the regime that mechanically reinforces pinning. Dealers hedging long-gamma books buy weakness and sell strength near high-OI strikes, which pulls spot toward those levels into expiration. Total open interest across MNRS (53 contracts) is one input to how plausible a clean pin is - heavier total OI concentrated at fewer strikes raises the probability; thin OI spread across many strikes lowers it. Pinning is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether MNRS actually pins on a given expiration depends on the OI distribution, the dealer-gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.

How is MNRS max pain calculated?

Max pain is computed by summing the dollar value of all in-the-money options at each candidate settlement strike across listed expirations, then selecting the strike that minimizes total intrinsic-value payout to option buyers. The calculation uses the full open-interest distribution and weighs both calls and puts. MNRS put/call OI ratio is 0.23 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.