MNRS Collar 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 $5.2M, 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 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.
MNRS snapshot
As of August 14, 2026, spot at $34.50, ATM IV 77.20%, IV rank 63.57%, expected move 22.13%. The collar on MNRS below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on MNRS specifically: IV regime affects collar pricing on both sides; mid-range MNRS IV at 77.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 22.13% (roughly $7.64 on the underlying). The 35-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 $34.50 per share and to the trader's directional view on MNRS etf.
MNRS collar setup
The MNRS collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MNRS at $34.50 on that close, the first option leg uses a $36.00 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 35-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 | $34.50 | long |
| Sell 1 | Call | $36.00 | $2.60 |
| Buy 1 | Put | $33.00 | $2.55 |
MNRS collar risk and reward
- Net Premium / Debit
- -$3,445.00
- Max Profit (per contract)
- $155.00
- Max Loss (per contract)
- -$145.00
- Breakeven(s)
- $34.45
- Risk / Reward Ratio
- 1.069
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% | -$145.00 |
| $7.64 | -77.9% | -$145.00 |
| $15.26 | -55.8% | -$145.00 |
| $22.89 | -33.6% | -$145.00 |
| $30.52 | -11.5% | -$145.00 |
| $38.15 | +10.6% | +$155.00 |
| $45.77 | +32.7% | +$155.00 |
| $53.40 | +54.8% | +$155.00 |
| $61.03 | +76.9% | +$155.00 |
| $68.65 | +99.0% | +$155.00 |
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 $26.86 on the downside to $42.14 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 63.57% 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 at $34.50 on the August 14, 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 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 77.20%), the computed maximum profit is $155.00 per contract and the computed maximum loss is -$145.00 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 $34.45 at expiration, derived from the August 14, 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 22.13%; 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 77.20% with IV rank near 63.57%, 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.