CORZ Collar Strategy
CORZ (Core Scientific, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
Core Scientific, Inc. operates facilities for digital asset mining and colocation services in North America. It provides blockchain infrastructure, software solutions, and services. The company mines digital assets for its own account and provides hosting colocation services for other large-scale miners. It operates in two segments, Equipment Sales and Hosting. The company owns and operates computer equipment that is used to process transactions conducted on one or more blockchain networks in exchange for transaction processing fees rewarded in digital currency assets, commonly referred to as mining; and datacenter facilities to provide colocation and hosting services for distributed ledger technology, also commonly known as blockchain. It also develops blockchain-based platforms and applications, including infrastructure management, security technologies, mining optimization, and recordkeeping.
CORZ (Core Scientific, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $7.63B, a beta of 5.45 versus the broader market, a 52-week range of 9.77-25.01, average daily share volume of 13.6M, a public-listing history dating back to 2024, approximately 325 full-time employees. These structural characteristics shape how CORZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 5.45 indicates CORZ 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 collar on CORZ?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current CORZ snapshot
As of May 15, 2026, spot at $24.30, ATM IV 76.15%, IV rank 18.26%, expected move 21.83%. The collar on CORZ 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 collar structure on CORZ specifically: IV regime affects collar pricing on both sides; compressed CORZ IV at 76.15% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.83% (roughly $5.31 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 CORZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on CORZ should anchor to the underlying notional of $24.30 per share and to the trader's directional view on CORZ stock.
CORZ collar setup
The CORZ collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CORZ near $24.30, the first option leg uses a $25.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CORZ 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 CORZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $24.30 | long |
| Sell 1 | Call | $25.50 | $1.58 |
| Buy 1 | Put | $23.00 | $1.38 |
CORZ collar risk and reward
- Net Premium / Debit
- -$2,410.00
- Max Profit (per contract)
- $140.00
- Max Loss (per contract)
- -$110.00
- Breakeven(s)
- $24.10
- Risk / Reward Ratio
- 1.273
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CORZ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CORZ. 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 | -100.0% | -$110.00 |
| $5.38 | -77.9% | -$110.00 |
| $10.75 | -55.7% | -$110.00 |
| $16.13 | -33.6% | -$110.00 |
| $21.50 | -11.5% | -$110.00 |
| $26.87 | +10.6% | +$140.00 |
| $32.24 | +32.7% | +$140.00 |
| $37.61 | +54.8% | +$140.00 |
| $42.98 | +76.9% | +$140.00 |
| $48.36 | +99.0% | +$140.00 |
When traders use collar on CORZ
Collars on CORZ hedge an existing long CORZ stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CORZ thesis for this collar
The market-implied 1-standard-deviation range for CORZ extends from approximately $18.99 on the downside to $29.61 on the upside. A CORZ collar hedges an existing long CORZ position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current CORZ IV rank near 18.26% 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 CORZ at 76.15%. As a Technology name, CORZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CORZ-specific events.
CORZ collar positions are structurally neutral (protective); 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. CORZ positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CORZ alongside the broader basket even when CORZ-specific fundamentals are unchanged. Always rebuild the position from current CORZ chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CORZ?
- A collar on CORZ is the collar strategy applied to CORZ (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With CORZ stock trading near $24.30, the strikes shown on this page are snapped to the nearest listed CORZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CORZ collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CORZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 76.15%), the computed maximum profit is $140.00 per contract and the computed maximum loss is -$110.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CORZ collar?
- The breakeven for the CORZ collar priced on this page is roughly $24.10 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 CORZ market-implied 1-standard-deviation expected move is approximately 21.83%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CORZ?
- Collars on CORZ hedge an existing long CORZ stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CORZ implied volatility affect this collar?
- CORZ ATM IV is at 76.15% with IV rank near 18.26%, 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.