MNRS Collar Strategy
MNRS (Grayscale Bitcoin Miners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Grayscale Bitcoin Miners ETF (Ticker: MNRS) seeks to invest in and provide exposure to Bitcoin Miners and the Bitcoin Mining ecosystem. MNRS offers investors access to the bitcoin mining industry, a key component of the greater Bitcoin ecosystem. MNRS provides focused exposure to globally listed Bitcoin Mining companies that serve as the backbone of the Bitcoin network. MNRS seeks to track the performance, before fees and expenses, of the Indxx Bitcoin Miners Index.
MNRS (Grayscale Bitcoin Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $6.6M, a beta of 4.16 versus the broader market, a 52-week range of 20.19-56.46, average daily share volume of 6K, 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 4.16 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 collar on MNRS?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current MNRS snapshot
As of May 15, 2026, spot at $42.50, ATM IV 65.30%, IV rank 39.02%, expected move 18.72%. The collar 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 34-day expiry.
Why this collar structure on MNRS specifically: IV regime affects collar pricing on both sides; mid-range MNRS IV at 65.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 18.72% (roughly $7.96 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 MNRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on MNRS should anchor to the underlying notional of $42.50 per share and to the trader's directional view on MNRS etf.
MNRS collar setup
The MNRS collar 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 $42.50, the first option leg uses a $45.00 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 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 MNRS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $42.50 | long |
| Sell 1 | Call | $45.00 | $2.28 |
| Buy 1 | Put | $40.00 | $2.28 |
MNRS collar risk and reward
- Net Premium / Debit
- -$4,250.00
- Max Profit (per contract)
- $250.00
- Max Loss (per contract)
- -$250.00
- Breakeven(s)
- $42.50
- Risk / Reward Ratio
- 1.000
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
MNRS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$250.00 |
| $9.41 | -77.9% | -$250.00 |
| $18.80 | -55.8% | -$250.00 |
| $28.20 | -33.7% | -$250.00 |
| $37.59 | -11.5% | -$250.00 |
| $46.99 | +10.6% | +$250.00 |
| $56.39 | +32.7% | +$250.00 |
| $65.78 | +54.8% | +$250.00 |
| $75.18 | +76.9% | +$250.00 |
| $84.57 | +99.0% | +$250.00 |
When traders use collar on MNRS
Collars on MNRS hedge an existing long MNRS etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
MNRS thesis for this collar
The market-implied 1-standard-deviation range for MNRS extends from approximately $34.54 on the downside to $50.46 on the upside. A MNRS collar hedges an existing long MNRS position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current MNRS IV rank near 39.02% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar 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 collar positions are structurally neutral (protective); 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 collar on MNRS?
- A collar on MNRS is the collar strategy applied to MNRS (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With MNRS etf trading near $42.50, 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the MNRS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 65.30%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MNRS collar?
- The breakeven for the MNRS collar priced on this page is roughly $42.50 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 18.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on MNRS?
- Collars on MNRS hedge an existing long MNRS etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current MNRS implied volatility affect this collar?
- MNRS ATM IV is at 65.30% with IV rank near 39.02%, 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.