Options Traders Buy BMNR Calls Despite 45% Decline, Year-Low Volatility
STRC•Options traders are net bullish on BitMine Immersion, buying calls even as BMNR shares have dropped 45% this year, with its June 15 put-call volume ratio at 0.23 and open interest ratio at 0.35. Low implied volatility in the 4th percentile versus MicroStrategy’s 65th fuels cheaper BMNR options.
1. Options Market Positioning
Operators continue to accumulate BMNR call contracts even as shares have declined about 45% year-to-date. The put-call volume ratio fell from 0.60 at the start of June to 0.23 by June 15, and the open interest ratio remains low at 0.35, signaling a strong bullish skew.
2. Volatility and Valuation Dynamics
BMNR’s implied volatility stands in the 4th percentile of its past year’s readings, making its options among the cheapest 4% of trading days. By contrast, MSTR’s options sit in the 65th percentile. Additionally, after stripping out MicroStrategy’s $8.2 billion debt, both companies trade near parity with their crypto holdings, underscoring valuation differences driven by leverage and cost basis.
