How are MNRS bull call spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the MNRS bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 108.20%), the computed maximum profit is $119.00 per contract and the computed maximum loss is -$81.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MNRS bull call spread?

The breakeven for the MNRS bull call spread priced on this page is roughly $35.81 at expiration, derived from the September 29, 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. The MNRS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MNRS implied volatility affect this bull call spread?

MNRS ATM IV is at 108.20% with IV rank near 97.56%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

MNRS Bull Call Spread Strategy

MNRS (Grayscale Bitcoin Miners ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.

The Grayscale Bitcoin Miners ETF (MNRS) is designed to offer investors targeted participation in the Bitcoin mining industry and its broader ecosystem. It provides a gateway to companies that form the operational core of Bitcoin, a foundational element of the entire Bitcoin economy. MNRS concentrates its holdings on publicly listed global Bitcoin mining firms that are crucial to the security and functioning of the Bitcoin network. Ultimately, the fund endeavors to replicate the gross returns (before any fees or expenses) of its underlying benchmark, the Indxx Bitcoin Miners Index.

MNRS (Grayscale Bitcoin Miners ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $5.8M, a beta of 4.30 versus the broader market, a 52-week range of 23.24-56.46, average daily share volume of 10K, a public-listing history dating back to 2025. These structural characteristics shape how MNRS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.30 indicates MNRS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MNRS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bull call spread on MNRS?

A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.

MNRS snapshot

As of September 29, 2026, spot at $35.00, ATM IV 108.20%, IV rank 97.56%, expected move 31.02%. The bull call spread on MNRS below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this bull call spread structure on MNRS specifically: MNRS IV at 108.20% is rich versus its 1-year range, which makes a premium-buying MNRS bull call spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 31.02% (roughly $10.86 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MNRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on MNRS should anchor to the underlying notional of $35.00 per share and to the trader's directional view on MNRS etf.

MNRS bull call spread setup

The MNRS bull call spread below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MNRS at $35.00 on that close, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MNRS chain at a 17-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 MNRS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$35.00	$4.04
Sell 1	Call	$37.00	$3.23

MNRS bull call spread risk and reward

Net Premium / Debit: -$81.00
Max Profit (per contract): $119.00
Max Loss (per contract): -$81.00
Breakeven(s): $35.81
Risk / Reward Ratio: 1.469

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.

MNRS bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on MNRS. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$81.00
$7.75	-77.9%	-$81.00
$15.49	-55.8%	-$81.00
$23.22	-33.6%	-$81.00
$30.96	-11.5%	-$81.00
$38.70	+10.6%	+$119.00
$46.44	+32.7%	+$119.00
$54.17	+54.8%	+$119.00
$61.91	+76.9%	+$119.00
$69.65	+99.0%	+$119.00

When traders use bull call spread on MNRS

Bull call spreads on MNRS reduce the cost of a bullish MNRS etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.

MNRS thesis for this bull call spread

The market-implied 1-standard-deviation range for MNRS extends from approximately $24.14 on the downside to $45.86 on the upside. A MNRS bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on MNRS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current MNRS IV rank near 97.56% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on MNRS at 108.20%. As a Financial Services name, MNRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MNRS-specific events.

MNRS bull call spread positions are structurally moderately 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. MNRS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MNRS alongside the broader basket even when MNRS-specific fundamentals are unchanged. Long-premium structures like a bull call spread on MNRS are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current MNRS chain quotes before placing a trade.

Frequently asked questions

What is a bull call spread on MNRS?: A bull call spread on MNRS is the bull call spread strategy applied to MNRS (etf). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With MNRS etf at $35.00 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed MNRS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are MNRS bull call spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the MNRS bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 108.20%), the computed maximum profit is $119.00 per contract and the computed maximum loss is -$81.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MNRS bull call spread?: The breakeven for the MNRS bull call spread priced on this page is roughly $35.81 at expiration, derived from the September 29, 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. The MNRS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bull call spread on MNRS?: Bull call spreads on MNRS reduce the cost of a bullish MNRS etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
How does current MNRS implied volatility affect this bull call spread?: MNRS ATM IV is at 108.20% with IV rank near 97.56%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.