BNKK Butterfly Strategy
BNKK (Bonk, Inc.), in the Consumer Defensive sector, (Beverages - Non-Alcoholic industry), listed on NASDAQ.
Safety Shot, Inc. provides over-the-counter products and consumer products in the United States. The company offers Safety Shot Beverage, an over-the-counter drink that lowers blood alcohol content. It also provides hair loss treatment, vitiligo solution, eczema cream, and sexual wellness products. It sells its products through direct customers, distributors, retailers, and e-commerce websites. The company was formerly known as Jupiter Wellness, Inc. and changed its name to Safety Shot, Inc. in September 2023. Safety Shot, Inc. was incorporated in 2018 and is based in Jupiter, Florida.
BNKK (Bonk, Inc.) trades in the Consumer Defensive sector, specifically Beverages - Non-Alcoholic, with a market capitalization of approximately $11.6M, a beta of 2.03 versus the broader market, a 52-week range of 2.15-46.9, average daily share volume of 75K, a public-listing history dating back to 2020, approximately 8 full-time employees. These structural characteristics shape how BNKK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.03 indicates BNKK has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on BNKK?
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 BNKK snapshot
As of May 15, 2026, spot at $2.09. The butterfly on BNKK 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 30-day expiry.
Why this butterfly structure on BNKK specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BNKK is inferred from ATM IV alone. The 30-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BNKK expiries trade a higher absolute premium for lower per-day decay. Position sizing on BNKK should anchor to the underlying notional of $2.09 per share and to the trader's directional view on BNKK stock.
BNKK butterfly setup
The BNKK 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 BNKK near $2.09, the first option leg uses a $1.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BNKK chain at a 30-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 BNKK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.99 | N/A |
| Sell 2 | Call | $2.09 | N/A |
| Buy 1 | Call | $2.19 | N/A |
BNKK butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
BNKK butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on BNKK. 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.
When traders use butterfly on BNKK
Butterflies on BNKK are pinning bets - traders use them when they expect BNKK 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.
BNKK thesis for this butterfly
A BNKK long call butterfly is a pinning play: it pays maximum at the middle strike if BNKK settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Consumer Defensive name, BNKK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BNKK-specific events.
BNKK 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. BNKK positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BNKK alongside the broader basket even when BNKK-specific fundamentals are unchanged. Always rebuild the position from current BNKK chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on BNKK?
- A butterfly on BNKK is the butterfly strategy applied to BNKK (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 BNKK stock trading near $2.09, the strikes shown on this page are snapped to the nearest listed BNKK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BNKK 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 BNKK butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BNKK butterfly?
- The breakeven for the BNKK butterfly priced on this page is no defined breakeven on the modeled curve 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.
- When should you consider a butterfly on BNKK?
- Butterflies on BNKK are pinning bets - traders use them when they expect BNKK 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 BNKK implied volatility affect this butterfly?
- Current BNKK ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.