BTDR Covered Call 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 covered call on BTDR?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
BTDR snapshot
As of August 14, 2026, spot at $9.04, ATM IV 95.25%, IV rank 21.39%, expected move 27.31%. The covered call 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 covered call structure on BTDR specifically: BTDR IV at 95.25% is on the cheap side of its 1-year range, which means a premium-selling BTDR covered call collects less credit per unit of strike-width risk, 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 covered call setup
The BTDR covered call 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 $9.50 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 100 shares | Stock | $9.04 | long |
| Sell 1 | Call | $9.50 | $0.75 |
BTDR covered call risk and reward
- Net Premium / Debit
- -$829.00
- Max Profit (per contract)
- $121.00
- Max Loss (per contract)
- -$828.00
- Breakeven(s)
- $8.29
- Risk / Reward Ratio
- 0.146
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
BTDR covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$828.00 |
| $2.01 | -77.8% | -$628.23 |
| $4.01 | -55.7% | -$428.46 |
| $6.00 | -33.6% | -$228.69 |
| $8.00 | -11.5% | -$28.92 |
| $10.00 | +10.6% | +$121.00 |
| $12.00 | +32.7% | +$121.00 |
| $13.99 | +54.8% | +$121.00 |
| $15.99 | +76.9% | +$121.00 |
| $17.99 | +99.0% | +$121.00 |
When traders use covered call on BTDR
Covered calls on BTDR are an income strategy run on existing BTDR stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
BTDR thesis for this covered call
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 covered call collects premium on an existing long BTDR position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether BTDR will breach that level within the expiration window. 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 covered call positions are structurally neutral to slightly bullish; 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. Short-premium structures like a covered call on BTDR carry tail risk when realized volatility exceeds the implied move; review historical BTDR earnings reactions and macro stress periods before sizing. Always rebuild the position from current BTDR chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on BTDR?
- A covered call on BTDR is the covered call strategy applied to BTDR (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. 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 covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the BTDR covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 95.25%), the computed maximum profit is $121.00 per contract and the computed maximum loss is -$828.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BTDR covered call?
- The breakeven for the BTDR covered call priced on this page is roughly $8.29 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 covered call on BTDR?
- Covered calls on BTDR are an income strategy run on existing BTDR stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current BTDR implied volatility affect this covered call?
- 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.