BTDR Iron Condor Strategy
BTDR (Bitdeer Technologies Group), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. The company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations. It has mining datacenters deployed in the United States and Norway. The company is headquartered in Singapore.
BTDR (Bitdeer Technologies Group) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $2.71B, a trailing P/E of 19.47, a beta of 2.32 versus the broader market, a 52-week range of 6.916-27.8, average daily share volume of 8.5M, a public-listing history dating back to 2021, approximately 183 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 2.32 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 iron condor on BTDR?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current BTDR snapshot
As of May 15, 2026, spot at $13.36, ATM IV 112.11%, IV rank 69.32%, expected move 32.14%. The iron condor on BTDR 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 iron condor structure on BTDR specifically: BTDR IV at 112.11% is mid-range versus its 1-year history, so the credit collected on a BTDR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 32.14% (roughly $4.29 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 $13.36 per share and to the trader's directional view on BTDR stock.
BTDR iron condor setup
The BTDR iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BTDR near $13.36, 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 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) |
|---|---|---|---|
| Sell 1 | Call | $14.00 | $1.50 |
| Buy 1 | Call | $14.50 | $1.25 |
| Sell 1 | Put | $12.50 | $1.15 |
| Buy 1 | Put | $12.00 | $0.95 |
BTDR iron condor risk and reward
- Net Premium / Debit
- +$45.00
- Max Profit (per contract)
- $45.00
- Max Loss (per contract)
- -$5.00
- Breakeven(s)
- $12.03, $14.45
- Risk / Reward Ratio
- 9.000
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
BTDR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$5.00 |
| $2.96 | -77.8% | -$5.00 |
| $5.92 | -55.7% | -$5.00 |
| $8.87 | -33.6% | -$5.00 |
| $11.82 | -11.5% | -$5.00 |
| $14.77 | +10.6% | -$5.00 |
| $17.73 | +32.7% | -$5.00 |
| $20.68 | +54.8% | -$5.00 |
| $23.63 | +76.9% | -$5.00 |
| $26.59 | +99.0% | -$5.00 |
When traders use iron condor on BTDR
Iron condors on BTDR are a delta-neutral premium-collection structure that profits if BTDR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BTDR thesis for this iron condor
The market-implied 1-standard-deviation range for BTDR extends from approximately $9.07 on the downside to $17.65 on the upside. A BTDR iron condor is a delta-neutral premium-collection structure that pays off when BTDR stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current BTDR IV rank near 69.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on BTDR should anchor more to the directional view and the expected-move geometry. 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 iron condor positions are structurally neutral / range-bound; 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 iron condor 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 iron condor on BTDR?
- A iron condor on BTDR is the iron condor strategy applied to BTDR (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With BTDR stock trading near $13.36, the strikes shown on this page are snapped to the nearest listed BTDR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BTDR iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the BTDR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 112.11%), the computed maximum profit is $45.00 per contract and the computed maximum loss is -$5.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BTDR iron condor?
- The breakeven for the BTDR iron condor priced on this page is roughly $12.03 and $14.45 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 BTDR market-implied 1-standard-deviation expected move is approximately 32.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on BTDR?
- Iron condors on BTDR are a delta-neutral premium-collection structure that profits if BTDR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BTDR implied volatility affect this iron condor?
- BTDR ATM IV is at 112.11% with IV rank near 69.32%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.