WGMI Long Put Strategy
WGMI (CoinShares Bitcoin Mining ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on NASDAQ.
The CoinShares Bitcoin Mining ETF, identified by the ticker WGMI, is an actively managed fund that offers investors direct access to the Bitcoin mining sector. This ETF is professionally managed by a dedicated team from CoinShares Funds LLC, operating as CoinShares. This entity is a wholly-owned subsidiary of CoinShares International Limited, a renowned, publicly traded investment management company specializing in digital assets.
WGMI (CoinShares Bitcoin Mining ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $273.0M, a beta of 4.66 versus the broader market, a 52-week range of 21.885-76.94, average daily share volume of 614K, a public-listing history dating back to 2022. These structural characteristics shape how WGMI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.66 indicates WGMI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. WGMI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on WGMI?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current WGMI snapshot
As of June 30, 2026, spot at $63.01, ATM IV 80.40%, IV rank 30.40%, expected move 23.05%. The long put on WGMI 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 long put structure on WGMI specifically: WGMI IV at 80.40% 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 23.05% (roughly $14.52 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 WGMI expiries trade a higher absolute premium for lower per-day decay. Position sizing on WGMI should anchor to the underlying notional of $63.01 per share and to the trader's directional view on WGMI etf.
WGMI long put setup
The WGMI long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With WGMI near $63.01, the first option leg uses a $63.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WGMI 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 WGMI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $63.00 | $4.80 |
WGMI long put risk and reward
- Net Premium / Debit
- -$480.00
- Max Profit (per contract)
- $5,819.00
- Max Loss (per contract)
- -$480.00
- Breakeven(s)
- $58.20
- Risk / Reward Ratio
- 12.123
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
WGMI long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on WGMI. 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% | +$5,819.00 |
| $13.94 | -77.9% | +$4,425.92 |
| $27.87 | -55.8% | +$3,032.85 |
| $41.80 | -33.7% | +$1,639.77 |
| $55.73 | -11.5% | +$246.70 |
| $69.66 | +10.6% | -$480.00 |
| $83.59 | +32.7% | -$480.00 |
| $97.53 | +54.8% | -$480.00 |
| $111.46 | +76.9% | -$480.00 |
| $125.39 | +99.0% | -$480.00 |
When traders use long put on WGMI
Long puts on WGMI hedge an existing long WGMI etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying WGMI exposure being hedged.
WGMI thesis for this long put
The market-implied 1-standard-deviation range for WGMI extends from approximately $48.49 on the downside to $77.53 on the upside. A WGMI long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long WGMI position with one put per 100 shares held. Current WGMI IV rank near 30.40% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on WGMI should anchor more to the directional view and the expected-move geometry. As a Financial Services name, WGMI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WGMI-specific events.
WGMI long put positions are structurally bearish; 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. WGMI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WGMI alongside the broader basket even when WGMI-specific fundamentals are unchanged. Long-premium structures like a long put on WGMI 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 WGMI chain quotes before placing a trade.
Frequently asked questions
- What is a long put on WGMI?
- A long put on WGMI is the long put strategy applied to WGMI (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With WGMI etf trading near $63.01, the strikes shown on this page are snapped to the nearest listed WGMI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WGMI long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the WGMI long put priced from the end-of-day chain at a 30-day expiry (ATM IV 80.40%), the computed maximum profit is $5,819.00 per contract and the computed maximum loss is -$480.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WGMI long put?
- The breakeven for the WGMI long put priced on this page is roughly $58.20 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 WGMI market-implied 1-standard-deviation expected move is approximately 23.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on WGMI?
- Long puts on WGMI hedge an existing long WGMI etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying WGMI exposure being hedged.
- How does current WGMI implied volatility affect this long put?
- WGMI ATM IV is at 80.40% with IV rank near 30.40%, 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.