BLSH Bear Put Spread Strategy
BLSH (Bullish), in the Technology sector, (Software - Infrastructure industry), listed on NYSE.
Bullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.
BLSH (Bullish) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $6.28B, a beta of -0.07 versus the broader market, a 52-week range of 24.79-118, average daily share volume of 1.2M, a public-listing history dating back to 2025, approximately 400 full-time employees. These structural characteristics shape how BLSH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.07 indicates BLSH 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 bear put spread on BLSH?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current BLSH snapshot
As of May 15, 2026, spot at $36.16, ATM IV 70.12%, IV rank 11.32%, expected move 20.10%. The bear put spread on BLSH 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 bear put spread structure on BLSH specifically: BLSH IV at 70.12% is on the cheap side of its 1-year range, which favors premium-buying structures like a BLSH bear put spread, with a market-implied 1-standard-deviation move of approximately 20.10% (roughly $7.27 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 BLSH expiries trade a higher absolute premium for lower per-day decay. Position sizing on BLSH should anchor to the underlying notional of $36.16 per share and to the trader's directional view on BLSH stock.
BLSH bear put spread setup
The BLSH bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BLSH near $36.16, 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 BLSH 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 BLSH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $36.00 | $2.81 |
| Sell 1 | Put | $34.00 | $1.75 |
BLSH bear put spread risk and reward
- Net Premium / Debit
- -$105.50
- Max Profit (per contract)
- $94.50
- Max Loss (per contract)
- -$105.50
- Breakeven(s)
- $34.95
- Risk / Reward Ratio
- 0.896
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
BLSH bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on BLSH. 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% | +$94.50 |
| $8.00 | -77.9% | +$94.50 |
| $16.00 | -55.8% | +$94.50 |
| $23.99 | -33.6% | +$94.50 |
| $31.99 | -11.5% | +$94.50 |
| $39.98 | +10.6% | -$105.50 |
| $47.97 | +32.7% | -$105.50 |
| $55.97 | +54.8% | -$105.50 |
| $63.96 | +76.9% | -$105.50 |
| $71.96 | +99.0% | -$105.50 |
When traders use bear put spread on BLSH
Bear put spreads on BLSH reduce the cost of a bearish BLSH stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
BLSH thesis for this bear put spread
The market-implied 1-standard-deviation range for BLSH extends from approximately $28.89 on the downside to $43.43 on the upside. A BLSH bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on BLSH, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current BLSH IV rank near 11.32% 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 BLSH at 70.12%. As a Technology name, BLSH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BLSH-specific events.
BLSH bear put spread positions are structurally moderately 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. BLSH positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BLSH alongside the broader basket even when BLSH-specific fundamentals are unchanged. Long-premium structures like a bear put spread on BLSH 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 BLSH chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on BLSH?
- A bear put spread on BLSH is the bear put spread strategy applied to BLSH (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With BLSH stock trading near $36.16, the strikes shown on this page are snapped to the nearest listed BLSH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BLSH bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the BLSH bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 70.12%), the computed maximum profit is $94.50 per contract and the computed maximum loss is -$105.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BLSH bear put spread?
- The breakeven for the BLSH bear put spread priced on this page is roughly $34.95 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 BLSH market-implied 1-standard-deviation expected move is approximately 20.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on BLSH?
- Bear put spreads on BLSH reduce the cost of a bearish BLSH stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current BLSH implied volatility affect this bear put spread?
- BLSH ATM IV is at 70.12% with IV rank near 11.32%, 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.