How are CRCL 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 CRCL butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 90.24%), the computed maximum profit is $267.80 per contract and the computed maximum loss is -$10.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRCL butterfly?

The breakeven for the CRCL butterfly priced on this page is roughly $59.87 and $65.90 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 CRCL market-implied 1-standard-deviation expected move is approximately 25.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRCL implied volatility affect this butterfly?

CRCL ATM IV is at 90.24% with IV rank near 22.56%, 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.

CRCL Butterfly Strategy

CRCL (Circle Internet Group), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.

Circle Internet Group, Inc. establishes and maintains the core infrastructure for stablecoin and blockchain-based applications, functioning as a foundational platform and network for this innovative financial technology. The company offers an extensive array of stablecoin products and services, empowering organizations to harness the benefits of digital currencies and the evolving internet-driven financial ecosystem. Notably, it is a prominent issuer of a stablecoin pegged to the U.S. dollar. Its robust digital asset network encompasses proprietary Circle stablecoins, tokenized investment funds, liquidity provision, payment processing solutions, and comprehensive support for both developers and system integration. Founded in 2013, the firm maintains its headquarters in New York, New York.

CRCL (Circle Internet Group) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $19.66B, a beta of -0.46 versus the broader market, a 52-week range of 49.9-262.97, average daily share volume of 14.1M, a public-listing history dating back to 2025, approximately 900 full-time employees. These structural characteristics shape how CRCL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.46 indicates CRCL 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 CRCL?

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 CRCL snapshot

As of June 30, 2026, spot at $63.09, ATM IV 90.24%, IV rank 22.56%, expected move 25.87%. The butterfly on CRCL 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 31-day expiry.

Why this butterfly structure on CRCL specifically: CRCL IV at 90.24% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRCL butterfly, with a market-implied 1-standard-deviation move of approximately 25.87% (roughly $16.32 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRCL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRCL should anchor to the underlying notional of $63.09 per share and to the trader's directional view on CRCL stock.

CRCL butterfly setup

The CRCL 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 CRCL near $63.09, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRCL chain at a 31-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 CRCL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$60.00	$8.45
Sell 2	Call	$63.00	$7.03
Buy 1	Call	$66.00	$5.70

CRCL butterfly risk and reward

Net Premium / Debit: -$10.00
Max Profit (per contract): $267.80
Max Loss (per contract): -$10.00
Breakeven(s): $59.87, $65.90
Risk / Reward Ratio: 26.780

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.

CRCL butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CRCL. 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	-100.0%	-$10.00
$13.96	-77.9%	-$10.00
$27.91	-55.8%	-$10.00
$41.86	-33.7%	-$10.00
$55.80	-11.5%	-$10.00
$69.75	+10.6%	-$10.00
$83.70	+32.7%	-$10.00
$97.65	+54.8%	-$10.00
$111.60	+76.9%	-$10.00
$125.55	+99.0%	-$10.00

When traders use butterfly on CRCL

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

CRCL thesis for this butterfly

The market-implied 1-standard-deviation range for CRCL extends from approximately $46.77 on the downside to $79.41 on the upside. A CRCL long call butterfly is a pinning play: it pays maximum at the middle strike if CRCL settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CRCL IV rank near 22.56% 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 CRCL at 90.24%. As a Financial Services name, CRCL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRCL-specific events.

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

Frequently asked questions

What is a butterfly on CRCL?: A butterfly on CRCL is the butterfly strategy applied to CRCL (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 CRCL stock trading near $63.09, the strikes shown on this page are snapped to the nearest listed CRCL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRCL 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 CRCL butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 90.24%), the computed maximum profit is $267.80 per contract and the computed maximum loss is -$10.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRCL butterfly?: The breakeven for the CRCL butterfly priced on this page is roughly $59.87 and $65.90 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 CRCL market-implied 1-standard-deviation expected move is approximately 25.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CRCL?: Butterflies on CRCL are pinning bets - traders use them when they expect CRCL 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 CRCL implied volatility affect this butterfly?: CRCL ATM IV is at 90.24% with IV rank near 22.56%, 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.