How are MNRS 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 MNRS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 75.10%), the computed maximum profit is $168.23 per contract and the computed maximum loss is -$27.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MNRS butterfly?

The breakeven for the MNRS butterfly priced on this page is roughly $40.26 and $43.73 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 MNRS market-implied 1-standard-deviation expected move is approximately 21.53%; 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 butterfly?

MNRS ATM IV is at 75.10% with IV rank near 67.92%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

MNRS Butterfly 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 $6.6M, a beta of 4.47 versus the broader market, a 52-week range of 23.24-56.46, average daily share volume of 11K, 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 4.47 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 butterfly on MNRS?

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.

Current MNRS snapshot

As of June 30, 2026, spot at $42.25, ATM IV 75.10%, IV rank 67.92%, expected move 21.53%. The butterfly on MNRS 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 17-day expiry.

Why this butterfly structure on MNRS specifically: MNRS IV at 75.10% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 21.53% (roughly $9.10 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 $42.25 per share and to the trader's directional view on MNRS etf.

MNRS butterfly setup

The MNRS butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MNRS near $42.25, the first option leg uses a $40.00 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	$40.00	$3.80
Sell 2	Call	$42.00	$2.73
Buy 1	Call	$44.00	$1.93

MNRS butterfly risk and reward

Net Premium / Debit: -$27.50
Max Profit (per contract): $168.23
Max Loss (per contract): -$27.50
Breakeven(s): $40.26, $43.73
Risk / Reward Ratio: 6.117

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.

MNRS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly 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%	-$27.50
$9.35	-77.9%	-$27.50
$18.69	-55.8%	-$27.50
$28.03	-33.7%	-$27.50
$37.37	-11.5%	-$27.50
$46.71	+10.6%	-$27.50
$56.05	+32.7%	-$27.50
$65.39	+54.8%	-$27.50
$74.73	+76.9%	-$27.50
$84.08	+99.0%	-$27.50

When traders use butterfly on MNRS

Butterflies on MNRS are pinning bets - traders use them when they expect MNRS 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.

MNRS thesis for this butterfly

The market-implied 1-standard-deviation range for MNRS extends from approximately $33.15 on the downside to $51.35 on the upside. A MNRS long call butterfly is a pinning play: it pays maximum at the middle strike if MNRS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current MNRS IV rank near 67.92% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on MNRS should anchor more to the directional view and the expected-move geometry. 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 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. 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. Always rebuild the position from current MNRS chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on MNRS?: A butterfly on MNRS is the butterfly strategy applied to MNRS (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 MNRS etf trading near $42.25, the strikes shown on this page are snapped to the nearest listed MNRS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MNRS 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 MNRS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 75.10%), the computed maximum profit is $168.23 per contract and the computed maximum loss is -$27.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MNRS butterfly?: The breakeven for the MNRS butterfly priced on this page is roughly $40.26 and $43.73 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 MNRS market-implied 1-standard-deviation expected move is approximately 21.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on MNRS?: Butterflies on MNRS are pinning bets - traders use them when they expect MNRS 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 MNRS implied volatility affect this butterfly?: MNRS ATM IV is at 75.10% with IV rank near 67.92%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.