OPTIONS FLOW$BMNRBitMine Immersion Technologies, Inc.Open ticker analysis →
$2.8M moved through BitMine Immersion Technologies, Inc. ($BMNR) options on Thursday in a 4-leg trade built around the $26 to $28 strikes. The legs lean bearish: the bought side profits as BitMine Immersion Technologies falls, and the sold side helps pay for it.
What happened
The legs printed together in the final half hour, around 3:45 p.m. ET on Thursday, October 1, with $BMNR near $26.70, for $2.8M in combined premium across 27,828 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader paid about $884K to put the position on. The sold legs mean the risk does not stop at that debit if the stock moves hard against them.
- BMNR Oct 9 $26 Put: 6,957 contracts at $0.77 (bought)
- BMNR Oct 2 $28 Put: 6,957 contracts at $1.38 (sold)
- BMNR Oct 2 $27 Put: 6,957 contracts at $0.60 (bought)
- BMNR Oct 9 $27 Put: 6,957 contracts at $1.28 (bought)
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
Net of all legs, the structure behaves like being short roughly 461,700 shares of BMNR, about $12.33M of stock exposure.
The strikes run from $26.00 (2.6% below the stock) to $28.00 (4.9% above the stock), so the trade is built around a zone rather than a single target.
With 0 days until Oct 2, this is a bet on the next few sessions, not the next few months. Implied volatility was near 82%, very high, as the market prices in big swings.
The numbers
| Structure | Multi-leg options trade (4 legs) |
|---|---|
| Lean | Bearish |
| Expirations | Oct 2 and Oct 9 (nearest in 0 days) |
| Strikes | $26, $27, $28 |
| Contracts | 27,828 |
| Total premium | $2.8M |
| Net cost | $884K debit |
| Stock at the trade | $26.70 |
Three ways this could play out
Bullish continuation
A move through $28.00 puts $BMNR above every strike. For a structure leaning bearish, that is the worst case.
Bearish rejection
A drop under $26.00 takes $BMNR below every strike. That is where this bearish structure pays the most.
Neutral stabilization
If $BMNR settles between $26.00 and $28.00 into Oct 2 and Oct 9, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $26.00 and $28.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Oct 2 and Oct 9: expiration, 0 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
