【BMNR: Treasury Surges + Stock Price Continues to Rise, How to Play with Such High IV?】

$BMNR has really been strong this time. Last night, it peaked at 70 during the trading session, directly increasing nearly 50% within a week. The latest disclosed ETH treasury has soared to 1.15 million coins, worth about 4.96 billion USD at market price, continuing to firmly hold the title of the world's largest ETH treasury.

Bloomberg reported that due to Tom Lee's Korean identity, BMNR has become one of the hottest U.S. stocks among Korean retail investors. Its name appears almost daily on the pre-market list of U.S. stocks, and liquidity has stabilized.

The options market is even more lively: the 30-day IV is around 156%, with an IV Rank as high as 86%, which is not cheap; contracts expiring this week have an implied volatility exceeding 200%, corresponding to an expected volatility range of about ±11 USD; yesterday's total trading volume was over 470,000 contracts, with a Put/Call ratio of 0.5, indicating a bullish sentiment.

Under this condition, purely chasing long calls carries high risk, but such high volatility also provides good time value for sellers.

A few strategies:

1️⃣ Neutral rent collection: Sell 48P / 70C expiring on 8/15, while buying protective legs 40P / 80C, creating an iron condor and keeping the range within ±$11 to profit from the volatility drop.

2️⃣ Mildly bullish cost control: Create an 8/15–8/29 65C calendar spread, selling near-week high IV and buying far-week low IV, waiting for the stock price to slowly approach 65.

3️⃣ Steadily bullish: Sell a bull put spread of 50/45 expiring on 8/22, leaving some safety cushion and earning time value.

Risk points: The market for BMNR is completely driven by news and sentiment; ETH prices and announcements of increased holdings may cause volatility to surge again. Those shorting volatility need to monitor the market and roll over or hedge as necessary.

💬 How long do you think BMNR can continue to surge? Is it more profitable to long volatility or to harvest volatility? Let’s discuss in the comments. #ETH🔥🔥🔥🔥🔥🔥