How are BMNR strangle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the BMNR strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 80.59%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$205.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BMNR strangle?

The breakeven for the BMNR strangle priced on this page is roughly $10.95 and $16.06 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 BMNR market-implied 1-standard-deviation expected move is approximately 23.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BMNR implied volatility affect this strangle?

BMNR ATM IV is at 80.59% with IV rank near 12.54%, 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.

BMNR Strangle Strategy

BMNR (Bitmine Immersion Technologies, Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.

Bitmine Immersion Technologies, Inc. is a blockchain technology company primarily operating in the United States. The company's activities include managing an Ethereum (ETH) treasury, and offering a range of services for the Bitcoin (BTC) ecosystem, such as consulting, advisory, and equipment leasing. It also assists in optimizing and securing third-party power and hosting solutions for its clients. A key part of its strategy involves disciplined Bitcoin (BTC) treasury management, alongside systematically reducing its proprietary self-mining operations and postponing the development of new operational sites. Beyond BTC, Bitmine provides broader digital asset ecosystem services, encompassing consulting, advisory, and diligent digital asset treasury management. Furthermore, the company sells mining hardware to its clients and affiliated entities.

BMNR (Bitmine Immersion Technologies, Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $7.29B, a beta of 1.61 versus the broader market, a 52-week range of 12.38-161, average daily share volume of 39.6M, a public-listing history dating back to 2025, approximately 3 full-time employees. These structural characteristics shape how BMNR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.61 indicates BMNR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BMNR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on BMNR?

A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money.

Current BMNR snapshot

As of June 30, 2026, spot at $13.43, ATM IV 80.59%, IV rank 12.54%, expected move 23.10%. The strangle on BMNR 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 31-day expiry.

Why this strangle structure on BMNR specifically: BMNR IV at 80.59% is on the cheap side of its 1-year range, which favors premium-buying structures like a BMNR strangle, with a market-implied 1-standard-deviation move of approximately 23.10% (roughly $3.10 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BMNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on BMNR should anchor to the underlying notional of $13.43 per share and to the trader's directional view on BMNR stock.

BMNR strangle setup

The BMNR strangle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BMNR near $13.43, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BMNR chain at a 31-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 BMNR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$14.00	$1.05
Buy 1	Put	$13.00	$1.01

BMNR strangle risk and reward

Net Premium / Debit: -$205.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$205.50
Breakeven(s): $10.95, $16.06
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit.

BMNR strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on BMNR. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$1,093.50
$2.98	-77.8%	+$796.67
$5.95	-55.7%	+$499.83
$8.92	-33.6%	+$203.00
$11.88	-11.5%	-$93.84
$14.85	+10.6%	-$120.33
$17.82	+32.7%	+$176.51
$20.79	+54.8%	+$473.34
$23.76	+76.9%	+$770.17
$26.73	+99.0%	+$1,067.01

When traders use strangle on BMNR

Strangles on BMNR are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the BMNR chain.

BMNR thesis for this strangle

The market-implied 1-standard-deviation range for BMNR extends from approximately $10.33 on the downside to $16.53 on the upside. A BMNR long strangle is the OTM cousin of the straddle: lower up-front cost but the underlying has to travel further past either OTM strike before the position turns profitable at expiration. Current BMNR IV rank near 12.54% 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 BMNR at 80.59%. As a Financial Services name, BMNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BMNR-specific events.

BMNR strangle positions are structurally neutral / high-volatility (long premium, OTM); 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. BMNR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BMNR alongside the broader basket even when BMNR-specific fundamentals are unchanged. Always rebuild the position from current BMNR chain quotes before placing a trade.

Frequently asked questions

What is a strangle on BMNR?: A strangle on BMNR is the strangle strategy applied to BMNR (stock). The strategy is structurally neutral / high-volatility (long premium, OTM): A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money. With BMNR stock trading near $13.43, the strikes shown on this page are snapped to the nearest listed BMNR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BMNR strangle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the BMNR strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 80.59%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$205.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BMNR strangle?: The breakeven for the BMNR strangle priced on this page is roughly $10.95 and $16.06 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 BMNR market-implied 1-standard-deviation expected move is approximately 23.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on BMNR?: Strangles on BMNR are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the BMNR chain.
How does current BMNR implied volatility affect this strangle?: BMNR ATM IV is at 80.59% with IV rank near 12.54%, 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.