ASST Butterfly Strategy
ASST (Strive, Inc.), in the Communication Services sector, (Asset Management industry), listed on NASDAQ.
Strive Inc is an asset management company that operates a Bitcoin-focused treasury strategy. The firm prioritizes increasing Bitcoin per share for shareholders and uses this metric as the benchmark for capital allocation.
ASST (Strive, Inc.) trades in the Communication Services sector, specifically Asset Management, with a market capitalization of approximately $1.45B, a beta of -0.23 versus the broader market, a 52-week range of 7.02-268.4, average daily share volume of 3.6M, a public-listing history dating back to 2023, approximately 51 full-time employees. These structural characteristics shape how ASST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.23 indicates ASST has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on ASST?
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 ASST snapshot
As of May 15, 2026, spot at $16.76, ATM IV 94.61%, IV rank 6.16%, expected move 27.12%. The butterfly on ASST 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 28-day expiry.
Why this butterfly structure on ASST specifically: ASST IV at 94.61% is on the cheap side of its 1-year range, which favors premium-buying structures like a ASST butterfly, with a market-implied 1-standard-deviation move of approximately 27.12% (roughly $4.55 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ASST expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASST should anchor to the underlying notional of $16.76 per share and to the trader's directional view on ASST stock.
ASST butterfly setup
The ASST 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 ASST near $16.76, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASST chain at a 28-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 ASST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $16.00 | $2.16 |
| Sell 2 | Call | $17.00 | $1.64 |
| Buy 1 | Call | $17.50 | $1.47 |
ASST butterfly risk and reward
- Net Premium / Debit
- -$35.50
- Max Profit (per contract)
- $62.74
- Max Loss (per contract)
- -$35.50
- Breakeven(s)
- $16.36
- Risk / Reward Ratio
- 1.767
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.
ASST butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ASST. 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 | -99.9% | -$35.50 |
| $3.71 | -77.8% | -$35.50 |
| $7.42 | -55.7% | -$35.50 |
| $11.12 | -33.6% | -$35.50 |
| $14.83 | -11.5% | -$35.50 |
| $18.53 | +10.6% | +$14.50 |
| $22.24 | +32.7% | +$14.50 |
| $25.94 | +54.8% | +$14.50 |
| $29.65 | +76.9% | +$14.50 |
| $33.35 | +99.0% | +$14.50 |
When traders use butterfly on ASST
Butterflies on ASST are pinning bets - traders use them when they expect ASST 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.
ASST thesis for this butterfly
The market-implied 1-standard-deviation range for ASST extends from approximately $12.21 on the downside to $21.31 on the upside. A ASST long call butterfly is a pinning play: it pays maximum at the middle strike if ASST settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ASST IV rank near 6.16% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ASST at 94.61%. As a Communication Services name, ASST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASST-specific events.
ASST 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. ASST positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASST alongside the broader basket even when ASST-specific fundamentals are unchanged. Always rebuild the position from current ASST chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ASST?
- A butterfly on ASST is the butterfly strategy applied to ASST (stock). 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 ASST stock trading near $16.76, the strikes shown on this page are snapped to the nearest listed ASST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASST 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 ASST butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 94.61%), the computed maximum profit is $62.74 per contract and the computed maximum loss is -$35.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASST butterfly?
- The breakeven for the ASST butterfly priced on this page is roughly $16.36 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 ASST market-implied 1-standard-deviation expected move is approximately 27.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ASST?
- Butterflies on ASST are pinning bets - traders use them when they expect ASST 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 ASST implied volatility affect this butterfly?
- ASST ATM IV is at 94.61% with IV rank near 6.16%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.