How are GEMI cash-secured put max profit and max loss calculated?

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the GEMI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 102.21%), the computed maximum profit is $30.00 per contract and the computed maximum loss is -$369.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GEMI cash-secured put?

The breakeven for the GEMI cash-secured put priced on this page is roughly $3.70 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 GEMI market-implied 1-standard-deviation expected move is approximately 29.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GEMI implied volatility affect this cash-secured put?

GEMI ATM IV is at 102.21% with IV rank near 23.12%, 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.

GEMI Cash-Secured Put Strategy

GEMI (Gemini Space Station, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.

Gemini Space Station, Inc. operates a cryptocurrency platform in the United States and internationally. The company offers Gemini, a platform that enables users to trade, custody, and earn in a range of digital assets and offerings; Gemini ActiveTrader for advanced charting, multiple order types, and the ability to monitor and execute in multiple markets; and Gemini Derivatives to trade perpetual contracts with cross-collateralization for risk and capital management. It also provides Gemini Prediction for trading event contracts; custody solutions; and Gemini Credit Card for users to earn crypto rewards. The company serves institutional investors, including asset managers, hedge funds, proprietary trading firms, and corporations, as well as individual retail users. Gemini Space Station, Inc. was founded in 2014 and is based in New York, New York.

GEMI (Gemini Space Station, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $510.7M, a beta of 2.65 versus the broader market, a 52-week range of 3.83-45.89, average daily share volume of 2.1M, a public-listing history dating back to 2025, approximately 650 full-time employees. These structural characteristics shape how GEMI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.65 indicates GEMI 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 cash-secured put on GEMI?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current GEMI snapshot

As of June 30, 2026, spot at $4.20, ATM IV 102.21%, IV rank 23.12%, expected move 29.30%. The cash-secured put on GEMI 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 17-day expiry.

Why this cash-secured put structure on GEMI specifically: GEMI IV at 102.21% is on the cheap side of its 1-year range, which means a premium-selling GEMI cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 29.30% (roughly $1.23 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GEMI expiries trade a higher absolute premium for lower per-day decay. Position sizing on GEMI should anchor to the underlying notional of $4.20 per share and to the trader's directional view on GEMI stock.

GEMI cash-secured put setup

The GEMI cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GEMI near $4.20, the first option leg uses a $4.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GEMI chain at a 17-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 GEMI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$4.00	$0.30

GEMI cash-secured put risk and reward

Net Premium / Debit: +$30.00
Max Profit (per contract): $30.00
Max Loss (per contract): -$369.00
Breakeven(s): $3.70
Risk / Reward Ratio: 0.081

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

GEMI cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on GEMI. 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	-99.8%	-$369.00
$0.94	-77.7%	-$276.25
$1.87	-55.6%	-$183.49
$2.79	-33.5%	-$90.74
$3.72	-11.4%	+$2.02
$4.65	+10.7%	+$30.00
$5.58	+32.7%	+$30.00
$6.50	+54.8%	+$30.00
$7.43	+76.9%	+$30.00
$8.36	+99.0%	+$30.00

When traders use cash-secured put on GEMI

Cash-secured puts on GEMI earn premium while a trader waits to acquire GEMI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GEMI.

GEMI thesis for this cash-secured put

The market-implied 1-standard-deviation range for GEMI extends from approximately $2.97 on the downside to $5.43 on the upside. A GEMI cash-secured put lets a trader earn premium while waiting to acquire GEMI at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current GEMI IV rank near 23.12% 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 GEMI at 102.21%. As a Technology name, GEMI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GEMI-specific events.

GEMI cash-secured put 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. GEMI positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GEMI alongside the broader basket even when GEMI-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on GEMI carry tail risk when realized volatility exceeds the implied move; review historical GEMI earnings reactions and macro stress periods before sizing. Always rebuild the position from current GEMI chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on GEMI?: A cash-secured put on GEMI is the cash-secured put strategy applied to GEMI (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With GEMI stock trading near $4.20, the strikes shown on this page are snapped to the nearest listed GEMI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GEMI cash-secured put max profit and max loss calculated?: Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the GEMI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 102.21%), the computed maximum profit is $30.00 per contract and the computed maximum loss is -$369.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GEMI cash-secured put?: The breakeven for the GEMI cash-secured put priced on this page is roughly $3.70 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 GEMI market-implied 1-standard-deviation expected move is approximately 29.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on GEMI?: Cash-secured puts on GEMI earn premium while a trader waits to acquire GEMI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GEMI.
How does current GEMI implied volatility affect this cash-secured put?: GEMI ATM IV is at 102.21% with IV rank near 23.12%, 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.