BTQ Butterfly Strategy
BTQ (BTQ Technologies Corp. Common Stock), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
BTQ Technologies Corp. engages in the development of computer-based technology related to post-quantum cryptography for applications in blockchain and related technologies. Its products include PQScale is a scaling mechanism for lattice-based post-quantum signatures, leveraging zero-knowledge proofs to compress digital signatures to achieve speed and cost savings; Keelung is a user-friendly toolkit for developing zero-knowledge proofs, featuring a domain-specific language embedded in Haskell and a compiler; as well as Kenting specializes in hardware acceleration tailored for zero-knowledge computation applications; and Quantum Proof-of-Work QPoW is an energy-efficient, post-classical consensus algorithm that uses Noisy Intermediate Scale Quantum hardware to authorize blockchain transactions. In addition, the company provides QRiNG product is a toolkit for quantum random number generation; Preon paves the path to a future-proof, digitally secure post-quantum signature scheme; and QByte, a quantum risk calculator. The company was incorporated in 1983 and is headquartered in Vancouver, Canada.
BTQ (BTQ Technologies Corp. Common Stock) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $440.9M, a beta of -1.90 versus the broader market, a 52-week range of 2.09-16, average daily share volume of 2.2M, a public-listing history dating back to 2025, approximately 38 full-time employees. These structural characteristics shape how BTQ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.90 indicates BTQ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on BTQ?
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 BTQ snapshot
As of May 15, 2026, spot at $3.00, ATM IV 141.20%, expected move 40.48%. The butterfly on BTQ 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 34-day expiry.
Why this butterfly structure on BTQ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BTQ is inferred from ATM IV at 141.20% alone, with a market-implied 1-standard-deviation move of approximately 40.48% (roughly $1.21 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTQ expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTQ should anchor to the underlying notional of $3.00 per share and to the trader's directional view on BTQ stock.
BTQ butterfly setup
The BTQ 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 BTQ near $3.00, the first option leg uses a $2.85 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTQ chain at a 34-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 BTQ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.85 | N/A |
| Sell 2 | Call | $3.00 | N/A |
| Buy 1 | Call | $3.15 | N/A |
BTQ 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.
BTQ butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on BTQ. 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 BTQ
Butterflies on BTQ are pinning bets - traders use them when they expect BTQ 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.
BTQ thesis for this butterfly
The market-implied 1-standard-deviation range for BTQ extends from approximately $1.79 on the downside to $4.21 on the upside. A BTQ long call butterfly is a pinning play: it pays maximum at the middle strike if BTQ settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Technology name, BTQ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTQ-specific events.
BTQ 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. BTQ positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTQ alongside the broader basket even when BTQ-specific fundamentals are unchanged. Always rebuild the position from current BTQ chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on BTQ?
- A butterfly on BTQ is the butterfly strategy applied to BTQ (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 BTQ stock trading near $3.00, the strikes shown on this page are snapped to the nearest listed BTQ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BTQ 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 BTQ butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 141.20%), 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 BTQ butterfly?
- The breakeven for the BTQ 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. The current BTQ market-implied 1-standard-deviation expected move is approximately 40.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on BTQ?
- Butterflies on BTQ are pinning bets - traders use them when they expect BTQ 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 BTQ implied volatility affect this butterfly?
- Current BTQ ATM IV is 141.20%; IV rank context is unavailable in the current snapshot.