How are BTDR 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 BTDR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 95.25%), the computed maximum profit is $37.46 per contract and the computed maximum loss is -$12.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BTDR butterfly?

The breakeven for the BTDR butterfly priced on this page is roughly $8.63 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BTDR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BTDR implied volatility affect this butterfly?

BTDR ATM IV is at 95.25% with IV rank near 21.39%, 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.

BTDR Butterfly Strategy

BTDR (Bitdeer Technologies Group), in the Technology sector, (Software - Application industry), listed on NASDAQ.

Bitdeer Technologies Group (BTDR) operates as a technology enterprise primarily dedicated to the cryptocurrency mining sector. The company engages in proprietary digital asset mining, extracting cryptocurrencies for its own portfolio, while also delivering comprehensive mining solutions to its community clients. Its robust suite of offerings encompasses the entire mining lifecycle, from sourcing and acquiring specialized mining hardware and managing intricate transport logistics, to the meticulous design and construction of mining datacenters. Furthermore, Bitdeer oversees ongoing mining machine management and daily operational oversight for these facilities. These state-of-the-art mining facilities are strategically located across the United States and Norway. Bitdeer maintains its corporate headquarters in Singapore.

BTDR (Bitdeer Technologies Group) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $2.11B, a beta of 2.51 versus the broader market, a 52-week range of 6.916-27.8, average daily share volume of 9.4M, a public-listing history dating back to 2021, approximately 471 full-time employees. These structural characteristics shape how BTDR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.51 indicates BTDR 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 BTDR?

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.

BTDR snapshot

As of August 14, 2026, spot at $9.04, ATM IV 95.25%, IV rank 21.39%, expected move 27.31%. The butterfly on BTDR below is built from the August 14, 2026 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 BTDR specifically: BTDR IV at 95.25% is on the cheap side of its 1-year range, which favors premium-buying structures like a BTDR butterfly, with a market-implied 1-standard-deviation move of approximately 27.31% (roughly $2.47 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 BTDR expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTDR should anchor to the underlying notional of $9.04 per share and to the trader's directional view on BTDR stock.

BTDR butterfly setup

The BTDR butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BTDR at $9.04 on that close, the first option leg uses a $8.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTDR 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 BTDR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$8.50	$1.28
Sell 2	Call	$9.00	$0.95
Buy 1	Call	$9.50	$0.75

BTDR butterfly risk and reward

Net Premium / Debit: -$12.50
Max Profit (per contract): $37.46
Max Loss (per contract): -$12.50
Breakeven(s): $8.63
Risk / Reward Ratio: 2.997

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.

BTDR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on BTDR. 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%	-$12.50
$2.01	-77.8%	-$12.50
$4.01	-55.7%	-$12.50
$6.00	-33.6%	-$12.50
$8.00	-11.5%	-$12.50
$10.00	+10.6%	-$12.50
$12.00	+32.7%	-$12.50
$13.99	+54.8%	-$12.50
$15.99	+76.9%	-$12.50
$17.99	+99.0%	-$12.50

When traders use butterfly on BTDR

Butterflies on BTDR are pinning bets - traders use them when they expect BTDR 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.

BTDR thesis for this butterfly

The market-implied 1-standard-deviation range for BTDR extends from approximately $6.57 on the downside to $11.51 on the upside. A BTDR long call butterfly is a pinning play: it pays maximum at the middle strike if BTDR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current BTDR IV rank near 21.39% 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 BTDR at 95.25%. As a Technology name, BTDR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTDR-specific events.

BTDR 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. BTDR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTDR alongside the broader basket even when BTDR-specific fundamentals are unchanged. Always rebuild the position from current BTDR chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on BTDR?: A butterfly on BTDR is the butterfly strategy applied to BTDR (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 BTDR stock at $9.04 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BTDR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BTDR 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 BTDR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 95.25%), the computed maximum profit is $37.46 per contract and the computed maximum loss is -$12.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BTDR butterfly?: The breakeven for the BTDR butterfly priced on this page is roughly $8.63 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BTDR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on BTDR?: Butterflies on BTDR are pinning bets - traders use them when they expect BTDR 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 BTDR implied volatility affect this butterfly?: BTDR ATM IV is at 95.25% with IV rank near 21.39%, 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.