GEMI Iron Condor Strategy
GEMI (Gemini Space Station, Inc. Class A Common Stock), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.
Gemini Space Station, Inc. develops a crypto platform to buy, sell, and store crypto assets. The company's platform offers crypto assets, including bitcoin and ether; and services, such as derivatives exchange, staking services, an over-the-counter trading desk, institutional-grade custody, stablecoin, a U.S. credit card, and a Web3 studio for NFTs (non-fungible tokens). It serves individual retail users; and institutional investors, including asset managers, hedge funds, proprietary trading firms, and corporations. The company was founded in 2014 and is based in New York, New York.
GEMI (Gemini Space Station, Inc. Class A Common Stock) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $598.9M, a beta of 1.90 versus the broader market, a 52-week range of 3.91-45.89, average daily share volume of 1.8M, a public-listing history dating back to 2025, approximately 700 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 1.90 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 iron condor on GEMI?
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 GEMI snapshot
As of May 14, 2026, spot at $5.21, ATM IV 112.28%, IV rank 41.55%, expected move 32.19%. The iron condor 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 29-day expiry.
Why this iron condor structure on GEMI specifically: GEMI IV at 112.28% is mid-range versus its 1-year history, so the credit collected on a GEMI iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 32.19% (roughly $1.68 on the underlying). The 29-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 $5.21 per share and to the trader's directional view on GEMI stock.
GEMI iron condor setup
The GEMI 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 GEMI near $5.21, the first option leg uses a $5.47 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 29-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 | Call | $5.47 | N/A |
| Buy 1 | Call | $5.73 | N/A |
| Sell 1 | Put | $4.95 | N/A |
| Buy 1 | Put | $4.69 | N/A |
GEMI iron condor 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 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.
GEMI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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.
When traders use iron condor on GEMI
Iron condors on GEMI are a delta-neutral premium-collection structure that profits if GEMI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
GEMI thesis for this iron condor
The market-implied 1-standard-deviation range for GEMI extends from approximately $3.53 on the downside to $6.89 on the upside. A GEMI iron condor is a delta-neutral premium-collection structure that pays off when GEMI 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 GEMI IV rank near 41.55% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on GEMI should anchor more to the directional view and the expected-move geometry. As a Financial Services 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 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. GEMI positions also carry Financial Services 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 iron condor 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 iron condor on GEMI?
- A iron condor on GEMI is the iron condor strategy applied to GEMI (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 GEMI stock trading near $5.21, 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 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 GEMI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 112.28%), 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 GEMI iron condor?
- The breakeven for the GEMI iron condor 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 GEMI market-implied 1-standard-deviation expected move is approximately 32.19%; 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 GEMI?
- Iron condors on GEMI are a delta-neutral premium-collection structure that profits if GEMI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current GEMI implied volatility affect this iron condor?
- GEMI ATM IV is at 112.28% with IV rank near 41.55%, 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.