Portfolio PlanCrypto ConvexityRecommendationsCrash Liquidation

CRYPTO CONVEXITY — EXISTING BOOK, MOONSHOT, FORTRESS

Live IBKR marks 2026-08-22 (off-RTH FROZEN; re-price in RTH before ticketing) · horizon end-2027 · BS const-IV model · spots: MARA $11.34 · BMNR $23.56 · IBIT $44.39 · COIN $189.10 · GLXY $23.64

What this page is

One reconciled view of the book's crypto convexity, replacing the retired CONVEXITY_SWITCH page. Two allocation strategies:
  • Existing Book — the current MARA / BMNR / IBIT / COIN / GLXY positions, every leg classified by whether it helps or hurts a crypto recovery (MARA repaired/current; COIN income fortresses excluded).
  • Moonshot Fortress (Jan-28) — leap_builder-optimized held-hedge calls (long call + short-put spread), sized to reproduce the book at the end-2027 targets, defined-risk, un-liquidatable.

    • VALUE LADDER — THE PATH TO $26M

    Structure value at EXPIRY across a ladder of underlying prices — from today's spot (0%) up through each name's end-2027 target (100%) and a little beyond (120%). Every column is the SAME fraction of the move to target, so the price printed in each cell is that name's level at that step and the BOOK TOTAL row is the whole book. Green = value, deeper = more; red = underwater at that price. Both the proposed fortress and the existing book reproduce ~$26M at the targets — what differs is the SHAPE of the path, and the risk carried to get there.

    Moonshot Fortress (Jan-28) — book → $26.03M at the targets

    Intrinsic at expiry, the same basis as the VALUE AT TARGETS card (100% column ties to it exactly). Deep-OTM and defined-risk: near-zero until the calls clear their strikes, then it accelerates.
    Name spot → target0%
    today    		10%
    to target    		20%
    to target    		30%
    to target    		40%
    to target    		50%
    to target    		75%
    to target    		100%
    TARGET    		120%
    to target
    MARA $11→$200
    $11
    -$43K
    $30
    $0
    $49
    $805K
    $68
    $1.9M
    $87
    $3.0M
    $106
    $4.1M
    $153
    $6.8M
    $200
    $9.5M
    $238
    $11.7M
    BMNR $22→$300
    $22
    $0
    $49
    $0
    $77
    $461K
    $105
    $2.2M
    $133
    $4.0M
    $161
    $5.8M
    $230
    $10.2M
    $300
    $14.6M
    $356
    $18.2M
    IBIT $44→$100
    $44
    -$125K
    $49
    -$117K
    $55
    $0
    $61
    $0
    $66
    $0
    $72
    $0
    $86
    $273K
    $100
    $625K
    $111
    $907K
    COIN $172→$700
    $172
    -$26K
    $225
    $0
    $278
    $0
    $331
    $27K
    $383
    $95K
    $436
    $164K
    $568
    $336K
    $700
    $507K
    $806
    $644K
    GLXY $24→$100
    $24
    $0
    $31
    $0
    $39
    $0
    $47
    $0
    $54
    $66K
    $62
    $186K
    $81
    $485K
    $100
    $785K
    $115
    $1.0M
    BOOK TOTAL
    -$0.19M
    -$0.12M
    $1.27M
    $4.15M
    $7.14M
    $10.18M
    $18.07M
    $26.03M
    $32.40M

    Existing book (current positions) — book → $32.55M at the targets

    Same basis as the page's CURRENT BOOK value at targets: shares plus 2027+ LEAPS valued at the price, near-term (pre-2027) hedges/covered calls rolled off at spot (so no phantom near-term drag). Front-loaded — the shares and shallower/ITM LEAPS participate from the first dollar, so the early rungs are far richer than the fortress's. Includes the 500× MARA 40C Jan-28 added 2026-08-28 (bought ~$1.04/sh, ~$52k premium); the fortress's ~$26M design bar was sized to the book BEFORE this addition, which is why the existing book's target value now exceeds it.
    Name spot → target0%
    today    		10%
    to target    		20%
    to target    		30%
    to target    		40%
    to target    		50%
    to target    		75%
    to target    		100%
    TARGET    		120%
    to target
    MARA $11→$200
    $11
    $113K
    $30
    $987K
    $49
    $2.4M
    $68
    $4.3M
    $87
    $6.2M
    $106
    $8.0M
    $153
    $12.8M
    $200
    $17.5M
    $238
    $21.3M
    BMNR $22→$300
    $22
    $487K
    $49
    $1.6M
    $77
    $2.8M
    $105
    $4.1M
    $133
    $5.4M
    $161
    $6.7M
    $230
    $9.9M
    $300
    $13.2M
    $356
    $15.7M
    IBIT $44→$100
    $44
    $239K
    $49
    $263K
    $55
    $287K
    $61
    $310K
    $66
    $334K
    $72
    $359K
    $86
    $484K
    $100
    $625K
    $111
    $738K
    COIN $172→$700
    $172
    -$75K
    $225
    -$75K
    $278
    -$75K
    $331
    $0
    $383
    $0
    $436
    $0
    $568
    $170K
    $700
    $500K
    $806
    $764K
    GLXY $24→$100
    $24
    -$173K
    $31
    -$78K
    $39
    $18K
    $47
    $113K
    $54
    $209K
    $62
    $304K
    $81
    $543K
    $100
    $781K
    $115
    $972K
    BOOK TOTAL
    $0.59M
    $2.65M
    $5.46M
    $8.83M
    $12.12M
    $15.42M
    $23.90M
    $32.55M
    $39.47M
    Read them together: both land near $26.03M at the targets, but the existing book is front-loaded (shares give linear participation from $0) while the fortress is back-loaded (deep-OTM, most value in the top half of the move). The fortress gives up that early participation in exchange for defined risk and NO forced-liquidation exposure; the existing book participates sooner but carries the margined book's ~-20% liquidation risk. BMNR and MARA dominate both.

    Fine $5 detail — MARA and BMNR (the two names that carry the book)

    Absolute price in $5 steps through the zone where the fortress's deep-OTM calls come alive (MARA to $50, past its 35C strike; BMNR to $70, its call strike). Existing (shares from $0) vs Fortress (asleep until the calls clear) side by side — this is exactly where the front-load beats the back-load.

    MARA — $5 price detail (spot $11 → $50; fortress call strike 35)

    Structure \ price$11$15$20$25$30$35$40$45$50
    Existing book$110K$230K$480K$730K$980K$1.2M$1.5M$2.0M$2.5M
    Moonshot Fortress-$58K$0$0$0$0$0$288K$575K$862K

    BMNR — $5 price detail (spot $22 → $70; fortress call strike 70)

    Structure \ price$22$25$30$35$40$45$50$55$60$65$70
    Existing book$484K$502K$709K$916K$1.1M$1.4M$1.6M$1.8M$2.0M$2.3M$2.5M
    Moonshot Fortress$0$0$0$0$0$0$0$0$0$0$0

    ACCOUNTS (live)

    Main
    $1,743,947
    cash $845,971 · maint $947,227
    Neville
    $702,537
    cash $282,603 · maint $377,972
    Joint
    $804,974
    cash -$332,853 · maint $448,109
    Retired
    $400,752
    cash $483,590 · maint $229,780

    EXISTING BOOK — WHAT HELPS, WHAT HURTS A RECOVERY

    Every leg across all accounts, classified by what it does to a crypto RECOVERY. GREEN legs (shares, long calls, short-put financing) gain as prices rise. RED legs (long "hedge" puts, short "cap" calls) fight the recovery: hedge puts decay as prices climb (the "drag"), caps forfeit upside above their strike. "Beta-delta $" is directional exposure (delta × qty × spot × beta): positive pulls for the recovery. MARA is shown as repaired/current (no "old"). COIN's 8-lot and 3-lot income fortresses are excluded (income only).
    NameSpotBetaSharesLong callsShort puts
    (financing)    		Long puts
    (drag)    		CapsNet beta-delta $
    (directional)    		Put-drag
    share
    MARA$11.343.0310,000900000$1,693,3930%
    BMNR$23.562.9416,300300-207250-50$2,027,31151%
    IBIT$44.391.445,00050080$378,27054%
    COIN$189.102.91025-25250$440,16387%
    GLXY$23.643.830125-125125-100$878,20942%

    MARA · spot $11.34 · beta 3.03 · accounts: Main, Retired

    LegSizeStrikes (yr)Current valueBeta-delta $RoleWhat it does
    Shares10,000 sh—$113,400$343,602HELPSdelta-1 anchor, no theta, uncapped
    Long calls900 ct13 '28, 40 '28$222,886$1,349,791HELPSthe convexity, engages near/above strike
    MARA: Fully repaired. 10,000 shares + 400× Jan-28 13C, near-money and clean. ZERO put drag, no short puts, no caps. This is the template every other name should converge to: pure long convexity that engages from today's spot.

    BMNR · spot $23.56 · beta 2.94 · accounts: Joint, Main, Retired

    LegSizeStrikes (yr)Current valueBeta-delta $RoleWhat it does
    Shares16,300 sh—$384,028$1,129,042HELPSdelta-1 anchor, no theta, uncapped
    Long calls300 ct35 '27, 10 '28, 23 '28, 25 '28$269,861$1,420,941HELPSthe convexity, engages near/above strike
    Short puts-207 ct18 '28-$113,229$250,816HELPSfinancing; gains as price rises
    Long puts250 ct10 '26, 45 '27, 25 '28$277,610-$589,290HURTScrash insurance that DECAYS on a recovery = drag
    Short calls-50 ct24 '26-$11,712-$184,198HURTScaps the upside above the strike
    BMNR: The engine of the book (net +$2.44M beta-delta). Shares + 350 long calls + 257 short-put financing all pull for a recovery. The drag: 300 long puts (25P/45P) worth $278k that BLEED as BMNR climbs (45% of gross long value), plus a 50× 24C cap in Retired. Selling the long puts would lift recovery participation but RAISES margin (they hold maintenance down), so trim only what each account's buffer allows.

    IBIT · spot $44.39 · beta 1.44 · accounts: Joint

    LegSizeStrikes (yr)Current valueBeta-delta $RoleWhat it does
    Shares5,000 sh—$221,950$319,608HELPSdelta-1 anchor, no theta, uncapped
    Long calls50 ct75 '27$17,560$92,924HELPSthe convexity, engages near/above strike
    Long puts8 ct70 '27$20,891-$34,262HURTScrash insurance that DECAYS on a recovery = drag
    IBIT: The hybrid sleeve. 5,000 shares (cost basis $100, deeply underwater) + 50× 75C convexity. The 8× 70P is deep-ITM crash insurance attributed to the shares (deliberate hybrid) — it protects but drags further upside (54% of gross long). Small book, low beta (1.44): contributes least to the tail.

    COIN · spot $189.10 · beta 2.91 · accounts: Main

    LegSizeStrikes (yr)Current valueBeta-delta $RoleWhat it does
    Long calls25 ct500 '27$48,756$382,026HELPSthe convexity, engages near/above strike
    Short puts-25 ct330 '27-$397,357$767,564HELPSfinancing; gains as price rises
    Long puts25 ct300 '27$337,613-$709,427HURTScrash insurance that DECAYS on a recovery = drag
    COIN: Income fortresses (8-lot Main, 3-lot Retired) EXCLUDED per instruction. What remains is one 25-lot Dec-27 recovery structure: 25× 500C moonshot kicker financed by a short 300/330 put spread. Net +$440k beta-delta (bullish), but the long 300P is 87% of gross long value — a big deep-ITM drag offset by the short 330P. Only the 500C reaches the $700 target.

    GLXY · spot $23.64 · beta 3.83 · accounts: Main

    LegSizeStrikes (yr)Current valueBeta-delta $RoleWhat it does
    Long calls125 ct37.5 '28$87,840$641,759HELPSthe convexity, engages near/above strike
    Short puts-125 ct37.5 '28-$235,270$490,006HELPSfinancing; gains as price rises
    Long puts125 ct17.5 '28$64,334-$216,754HURTScrash insurance that DECAYS on a recovery = drag
    Short calls-100 ct30 '26-$487-$36,802HURTScaps the upside above the strike
    GLXY: A synthetic long at 37.5 (125× 37.5C + short 125× 37.5P) = ~12,500 share-equivalents, hedged by 125× 17.5P long puts (the 42% drag). Net +$878k beta-delta. Capital-heavy and linear because it is built as a synthetic long, not cheap OTM leverage. A near-dated 100× 30C short is expiring worthless (noise).

    Current book value if crypto reaches the end-2027 targets

    MARA 200 / GLXY 100 / BMNR 300 / IBIT 100 / COIN 700. LEAPS legs valued at intrinsic at the target; near-term legs roll off at current spot. This is the bar the fortress strategies must match or beat.
    NameTargetValue nowValue at targetGain
    MARA$200$285,286$9,480,000$9,194,714
    BMNR$300$855,633$14,610,000$13,754,367
    IBIT$100$260,400$625,000$364,600
    COIN$700-$10,988$500,000$510,988
    GLXY$100-$83,584$781,250$864,834
    TOTAL—$1,306,748$25,996,250$24,689,502

    MOONSHOT FORTRESS (JAN-28) — MATCH THE BOOK AT THE TARGETS, ZERO LIQUIDATION RISK

    leap_builder-optimized held-hedge fortress (its FORTRESS_PREFERRED Bucket-B structure: a long call financed by a short-put spread, the owned lower put = the hedge floor = defined risk). Strikes retargeted to each name's end-2027 target multiple; contracts sized so intrinsic at the target reproduces the current book (~$26.00M). Manual adjustment (2026-08-22): BMNR pulled to 70C, MARA to 35C, IBIT to 75C (shallower, so they participate earlier). Priced at leap_builder's live snapshot (BMNR $21.57, COIN $172.35). Un-liquidatable when funded to its max loss.
    NET CASH TODAY
    $136,509
    credit kept $306,073
    MAX LOSS (= cash reserve)
    $632,559
    call premium + SP−HP gap
    VALUE AT TARGETS
    $26.03M
    vs book $26.00M
    LIQUIDATION RISK
    NONE
    vs book: force-liquidates ~-20%

    Fortress legs (per name)

    NameLong callShort put
    (finance)    		Owned hedgeBE-SSCC-SSNet Δ/shNet cashCredit keptCall premium
    (at risk)    		Spread max lossStructure max loss
    (call prem + gap)    		Value at target
    MARA575× 35C 2027-12575× 12P @4.66575× 10P @3.3034.911.6+0.35-$4,600$78,200$73,600$36,800$110,400$9,487,500
    BMNR636× 70C 2028-01636× 18P @5.47636× 15P @3.8371.122.2+0.32$70,596$104,304$174,900$86,496$261,396$14,628,000
    IBIT250× 75C 2028-01250× 54P @16.48250× 49P @12.9074.444.5+0.36-$14,750$89,500$74,750$35,500$110,250$625,000
    COIN13× 310C 2028-0113× 220P @84.3013× 200P @70.17327.4176.5+0.48$22,620$18,369$40,989$7,631$48,620$507,000
    GLXY157× 50C 2028-01157× 15P @3.90157× 12.5P @2.9054.024.2+0.50$62,643$15,700$78,343$23,550$101,893$785,000
    TOTALleap_builder held-hedge winners (retargeted)$136,509$306,073$442,582$189,977$632,559$26,032,500
    Structure max loss = long-call premium (lost if the calls expire worthless) + spread max loss (the hedged SP−HP gap). This is the true worst case if the name craters; its TOTAL ($632,559) is the "Worst-case max loss" shown in ALL STRUCTURES COMPARED. Note call premium = net cash + credit kept, so a net-credit name (e.g. MARA) still has real, bounded downside. Assignment is closed same-day by exercising the owned hedge, so it nets to the SP−HP gap — no share-financing obligation.
    BE-SS (breakeven safe strike) = Max(LC+net debit, (LC+SP+net debit)/2), the closed-form underwater line. CC-SS (CC-safe floor) = the lowest covered-call strike you could write against this structure and still net ≥ 0 if assigned (cc_scanner's model, same as rebuild/fight; 30d CC, zero premium credited). For these deep-OTM moonshot legs CC-SS sits right around spot — there is almost no room to write safe income. Net Δ/sh = per-share directional delta of the three legs combined (+long call, +short put, −owned hedge).

    Fortress vs the current book across the recovery

    RecoveryMARABMNRIBITCOINGLXYFortress
    (Jan-28)    		Current bookWinner
    25% of target58.592.758.3316.842.7$2.80M$6.71Mbook
    50% of target105.7161.872.2444.561.8$10.26M$12.95Mbook
    75% of target152.8230.986.1572.380.9$18.11M$19.40Mbook
    Full targets200300100700100$26.03M$26.00MFORTRESS
    -1.315.131.547.864.280.6-50%+0%+50%+100%+200%+300%+400%+500%BTC-equivalent move (IBIT proxy, beta-scaled per name)P&L at expiry ($M)Fortress (owned hedge), P&LCurrent book crypto, P&L
    Funding note: the fortress needs ~$136,509 net cash but $632,559 reserved (max loss held below cash = un-liquidatable). Neville today holds $702,537 NLV / $282,603 cash; house it there (funded up) or in any account with the cash. Defined-risk, so it does not touch any account's liquidation math.

    ROLL PLAN — start liquid (Jan-28), extend later

    The Jan-28 fortress uses the deep-OTM strikes that are liquid TODAY (the same strikes are not even quoted at Dec-2028). Plan: run it here, then roll ~mid-2027 (4–6 months before the Jan-28 expiry) to Dec-2028 / Jan-2029, by which time those expiries are ~15–17 months out — the liquid LEAPS zone — so you get tighter spreads and the deeper strikes you cannot buy now. That captures today's deep-OTM leverage AND eventual longer tenor.
  • Per-leg theta at roll: the long call decays AGAINST you (recover little), the short-put financing decays FOR you (buy it back cheap, keep the credit), the owned hedge decays against you. Rolling 4–6 months early dodges the worst terminal decay on the calls.
  • If flat: the deep-OTM Jan-28 calls have decayed ~70–90% by mid-2027, so the roll means paying fresh premium for the new tenor (funding the bet again). That theta is lost whether or not you roll — the roll is just a fresh "do I still believe this?" checkpoint. Discipline: do not reflexively re-fund a bet that is not working.
  • If it crashes below the hedge: the defined-risk floor caps you at the structure max loss (assignment nets to the SP−HP gap via the owned hedge). Rolling is often FAVORABLE here — re-enter lower-struck and cheaper, with higher IV credit on the new short puts.
  • If it moons: a good problem — take profit, or roll UP-and-out (sell the deep-ITM calls, buy higher-strike longer calls) to lock gains and stay long.
  • Cost of the roll: transaction/spread cost on 6 legs × 5 names, plus (flat case) fresh premium. Liquidity of the deep strikes at the new tenor is likely but not guaranteed — you may again be pushed shallower.

    • ALL STRUCTURES COMPARED

    The two allocation strategies side by side: the current Existing Book and the Moonshot Fortress (Jan-28). The fortress reproduces the book at the end-2027 targets, defined-risk, with no liquidation exposure.
    MetricExisting BookMoonshot Fortress (Jan-28)
    Structuremargined book (shares+LEAPS+hedges+SP)held-hedge calls (leap_builder)
    Tenormixed (2026-2028)Jan-2028 / Dec-2027
    Upfront cashalready held$136,509
    Put credit collected—$306,073
    Maintenance marginconsumes book maint$189,977 (defined-risk)
    Worst-case max loss~$1.19M ML + assignment$632,559
    Value at end-2027 targets$26.00M$26.03M
    Participates from$0 (has shares)late (deep OTM)
    Liquidation riskYES (~-20%)NONE (funded to ML)

    STRUCTURE P&L HEATMAPS (whole structure, underlying price × time)

    Each structure's legs COLLAPSED into one position: total P&L across a ladder of underlying prices (rows, high at top) and dates from now (Aug 2026) to expiry (columns). Green = profit, red = loss, deeper = bigger. Per name the surfaces (Existing / Moonshot Fortress Jan-28) share the SAME price rows and date columns, so you can read the same cell across them — e.g. find the price row and the month column to ballpark "if MARA is $80 in Feb 2027, existing makes X, Moonshot makes Y, Fortress makes Z." Here Existing is on the "gain from today" basis (re-based to today's mark) so it is apples-to-apples with the plans — all four measure gain from here, no sunk drawdown. The entry-cost ("claw out of the hole") version is kept as a backup table at the bottom of the page.

    MARA · spot $11.26 · target $200 · P&L in $ (M/K)

    Existing (gain from today) · P&L vs today's mark (sunk drawdown excluded) — apples-to-apples with the plans (cost basis $344,589)
    MARA \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $200$17.4M$17.4M$17.3M$17.3M$17.3M$17.3M$17.2M$17.2M$17.2M$17.2M$17.2M$17.2M$17.2M$17.2M$17.1M$17.1M
    $140$11.5M$11.4M$11.4M$11.4M$11.3M$11.3M$11.3M$11.3M$11.2M$11.2M$11.2M$11.2M$11.2M$11.2M$11.1M$11.1M
    $100$7.6M$7.5M$7.5M$7.5M$7.4M$7.4M$7.4M$7.3M$7.3M$7.3M$7.2M$7.2M$7.2M$7.2M$7.1M$7.1M
    $80$5.7M$5.6M$5.6M$5.6M$5.5M$5.5M$5.4M$5.4M$5.4M$5.3M$5.3M$5.2M$5.2M$5.2M$5.1M$5.1M
    $60$3.8M$3.8M$3.7M$3.7M$3.7M$3.6M$3.6M$3.5M$3.5M$3.4M$3.4M$3.3M$3.3M$3.2M$3.2M$3.1M
    $50$2.9M$2.9M$2.9M$2.8M$2.8M$2.7M$2.7M$2.6M$2.6M$2.5M$2.5M$2.4M$2.4M$2.3M$2.2M$2.1M
    $40$2.1M$2.0M$2.0M$2.0M$1.9M$1.9M$1.8M$1.8M$1.7M$1.7M$1.6M$1.6M$1.5M$1.5M$1.4M$1.1M
    $30$1.2M$1.2M$1.2M$1.2M$1.1M$1.1M$1.1M$1.0M$972K$929K$885K$836K$786K$731K$674K$635K
    $25$872K$845K$818K$788K$758K$727K$694K$660K$625K$587K$549K$508K$468K$428K$396K$385K
    $20$521K$498K$474K$449K$424K$398K$371K$342K$314K$283K$253K$222K$192K$163K$142K$135K
    $15$205K$187K$169K$150K$131K$111K$91K$70K$49K$27K$6K-$16K-$38K-$60K-$84K-$115K
    $11-$13K-$26K-$39K-$52K-$65K-$79K-$93K-$107K-$120K-$134K-$148K-$163K-$177K-$193K-$212K-$235K
    Fortress · P&L vs today's net cost (cost basis -$4,600)
    MARA \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $200$9.7M$9.6M$9.6M$9.6M$9.6M$9.6M$9.6M$9.6M$9.5M$9.5M$9.5M$9.5M$9.5M$9.5M$9.5M$9.5M
    $140$6.3M$6.2M$6.2M$6.2M$6.2M$6.2M$6.1M$6.1M$6.1M$6.1M$6.1M$6.1M$6.1M$6.0M$6.0M$6.0M
    $100$4.1M$4.0M$4.0M$4.0M$3.9M$3.9M$3.9M$3.9M$3.8M$3.8M$3.8M$3.8M$3.8M$3.7M$3.7M$3.7M
    $80$3.0M$3.0M$2.9M$2.9M$2.9M$2.8M$2.8M$2.8M$2.7M$2.7M$2.7M$2.6M$2.6M$2.6M$2.6M$2.6M
    $60$2.0M$1.9M$1.9M$1.9M$1.8M$1.8M$1.8M$1.7M$1.7M$1.6M$1.6M$1.5M$1.5M$1.5M$1.4M$1.4M
    $50$1.5M$1.4M$1.4M$1.4M$1.3M$1.3M$1.3M$1.2M$1.2M$1.1M$1.1M$1.0M$966K$902K$867K$867K
    $40$1.0M$980K$951K$920K$888K$854K$818K$778K$736K$688K$636K$575K$504K$412K$292K$292K
    $30$589K$565K$541K$515K$488K$459K$429K$395K$361K$321K$279K$229K$171K$95K$5K$5K
    $25$402K$382K$360K$338K$315K$290K$265K$238K$210K$179K$147K$110K$72K$28K$5K$5K
    $20$235K$218K$202K$184K$166K$147K$128K$108K$89K$68K$49K$30K$14K$5K$5K$5K
    $15$93K$82K$70K$57K$45K$33K$21K$10K-$956-$11K-$19K-$23K-$23K-$13K$5K$5K
    $11$3K-$5K-$12K-$20K-$27K-$34K-$41K-$47K-$52K-$56K-$59K-$60K-$60K-$58K-$53K-$53K

    BMNR · spot $21.57 · target $300 · P&L in $ (M/K)

    Existing (gain from today) · P&L vs today's mark (sunk drawdown excluded) — apples-to-apples with the plans (cost basis $740,571)
    BMNR \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $300$11.1M$11.1M$11.1M$11.1M$11.1M$11.1M$11.1M$11.1M$11.1M$11.1M$11.1M$11.0M$11.0M$11.0M$11.0M$11.0M
    $225$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$7.9M$7.9M$7.9M$7.9M
    $175$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M$5.9M
    $130$4.1M$4.1M$4.1M$4.1M$4.1M$4.1M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M
    $100$2.9M$2.9M$2.9M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M$2.8M
    $75$1.9M$1.9M$1.9M$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M$1.7M$1.7M
    $55$1.1M$1.1M$1.1M$1.1M$1.0M$1.0M$1.0M$1.0M$991K$977K$963K$950K$938K$928K$924K$921K
    $40$581K$565K$547K$527K$503K$485K$471K$455K$439K$421K$402K$382K$361K$339K$321K$314K
    $30$254K$243K$228K$211K$194K$180K$166K$151K$134K$116K$97K$74K$49K$18K-$21K-$62K
    $25$101K$96K$87K$73K$61K$49K$36K$22K$7K-$9K-$27K-$47K-$71K-$100K-$140K-$243K
    $21-$16K-$21K-$31K-$41K-$51K-$61K-$72K-$84K-$96K-$110K-$125K-$142K-$160K-$183K-$210K-$248K
    Fortress · P&L vs today's net cost (cost basis $70,596)
    BMNR \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $300$15.0M$15.0M$14.9M$14.9M$14.9M$14.8M$14.8M$14.7M$14.7M$14.7M$14.7M$14.6M$14.6M$14.6M$14.6M$14.6M
    $225$10.4M$10.4M$10.3M$10.3M$10.2M$10.1M$10.1M$10.0M$10.0M$9.9M$9.9M$9.9M$9.8M$9.8M$9.8M$9.8M
    $175$7.4M$7.4M$7.3M$7.2M$7.2M$7.1M$7.0M$7.0M$6.9M$6.8M$6.8M$6.7M$6.7M$6.6M$6.6M$6.6M
    $130$4.8M$4.7M$4.7M$4.6M$4.5M$4.5M$4.4M$4.3M$4.2M$4.1M$4.1M$4.0M$3.9M$3.8M$3.8M$3.7M
    $100$3.2M$3.1M$3.1M$3.0M$2.9M$2.8M$2.8M$2.7M$2.6M$2.5M$2.4M$2.3M$2.2M$2.0M$1.9M$1.8M
    $75$1.9M$1.9M$1.8M$1.7M$1.7M$1.6M$1.5M$1.5M$1.4M$1.3M$1.2M$1.1M$944K$789K$594K$247K
    $55$1.0M$994K$946K$895K$843K$786K$728K$665K$600K$527K$450K$363K$269K$157K$31K-$71K
    $40$480K$446K$411K$374K$337K$298K$259K$218K$176K$133K$90K$45K$3K-$38K-$65K-$71K
    $30$176K$152K$128K$103K$79K$54K$31K$7K-$16K-$37K-$55K-$70K-$79K-$80K-$74K-$71K
    $25$50K$32K$14K-$5K-$22K-$40K-$56K-$72K-$86K-$98K-$106K-$111K-$110K-$102K-$85K-$71K
    $21-$37K-$51K-$64K-$78K-$90K-$103K-$114K-$124K-$132K-$138K-$142K-$142K-$139K-$129K-$111K-$71K

    IBIT · spot $43.68 · target $100 · P&L in $ (M/K)

    Existing (gain from today) · P&L vs today's mark (sunk drawdown excluded) — apples-to-apples with the plans (cost basis $256,219)
    IBIT \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $100$432K$428K$424K$420K$416K$411K$407K$402K$397K$391K$386K$381K$375K$371K$369K$369K
    $90$344K$340K$336K$332K$328K$323K$318K$313K$307K$301K$295K$288K$281K$274K$269K$269K
    $80$260K$256K$252K$248K$243K$239K$234K$229K$223K$217K$210K$203K$194K$183K$169K$169K
    $70$180K$177K$173K$169K$165K$161K$156K$151K$146K$140K$134K$127K$119K$109K$94K$94K
    $62$120K$117K$114K$110K$107K$103K$99K$95K$91K$86K$81K$75K$70K$64K$60K$60K
    $55$71K$69K$66K$63K$60K$57K$54K$50K$47K$44K$40K$37K$33K$31K$31K$31K
    $50$39K$36K$34K$32K$29K$27K$24K$22K$19K$17K$14K$12K$10K$10K$10K$10K
    $46$14K$12K$10K$8K$6K$4K$2K$7-$2K-$4K-$5K-$6K-$7K-$7K-$7K-$7K
    $44$2K$132-$2K-$3K-$5K-$7K-$9K-$10K-$12K-$13K-$14K-$15K-$16K-$16K-$15K-$15K
    Fortress · P&L vs today's net cost (cost basis -$14,750)
    IBIT \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $100$925K$909K$892K$875K$858K$840K$822K$802K$782K$761K$740K$717K$694K$670K$650K$640K
    $90$722K$706K$690K$672K$655K$636K$617K$597K$576K$554K$531K$505K$478K$446K$413K$390K
    $80$533K$517K$501K$484K$467K$449K$430K$410K$389K$367K$343K$317K$288K$253K$208K$140K
    $70$361K$346K$331K$315K$299K$282K$264K$246K$227K$206K$185K$161K$136K$107K$71K$15K
    $62$238K$225K$211K$197K$182K$167K$151K$135K$118K$101K$83K$64K$45K$27K$13K$15K
    $55$144K$132K$120K$108K$95K$82K$69K$55K$41K$27K$13K-$669-$13K-$24K-$27K$15K
    $50$85K$75K$64K$53K$42K$31K$20K$8K-$3K-$14K-$25K-$36K-$46K-$54K-$59K-$85K
    $46$44K$35K$25K$16K$6K-$3K-$13K-$23K-$32K-$41K-$50K-$59K-$67K-$74K-$83K-$110K
    $44$25K$16K$8K-$1K-$10K-$19K-$27K-$36K-$44K-$53K-$61K-$68K-$75K-$83K-$92K-$110K

    COIN · spot $172.35 · target $700 · P&L in $ (M/K)

    Existing (gain from today) · P&L vs today's mark (sunk drawdown excluded) — apples-to-apples with the plans (cost basis -$23,665)
    COIN \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $700$832K$816K$799K$781K$763K$743K$723K$701K$679K$655K$629K$601K$571K$540K$524K$524K
    $550$535K$519K$503K$486K$468K$449K$430K$409K$386K$361K$335K$304K$269K$221K$149K$149K
    $450$355K$341K$327K$311K$295K$278K$260K$241K$220K$198K$174K$147K$117K$79K$24K$24K
    $375$235K$222K$209K$196K$182K$167K$151K$135K$118K$99K$80K$59K$38K$18K$24K$24K
    $300$129K$119K$109K$98K$87K$75K$63K$51K$38K$25K$12K-$1K-$13K-$22K-$51K-$51K
    $250$70K$62K$54K$45K$36K$27K$18K$9K-$547-$10K-$18K-$27K-$34K-$41K-$51K-$51K
    $220$40K$33K$26K$18K$11K$4K-$4K-$11K-$18K-$25K-$31K-$37K-$42K-$47K-$51K-$51K
    $190$13K$8K$2K-$4K-$9K-$15K-$21K-$26K-$31K-$36K-$40K-$44K-$47K-$50K-$51K-$51K
    $172-$249-$5K-$10K-$15K-$20K-$24K-$29K-$33K-$37K-$41K-$44K-$47K-$49K-$51K-$51K-$51K
    Fortress · P&L vs today's net cost (cost basis $22,620)
    COIN \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $700$546K$542K$537K$532K$527K$522K$518K$513K$508K$503K$498K$494K$491K$488K$486K$484K
    $550$369K$364K$359K$353K$348K$342K$337K$331K$325K$319K$313K$306K$301K$295K$291K$289K
    $450$256K$251K$246K$241K$235K$229K$223K$217K$210K$203K$196K$188K$180K$172K$163K$159K
    $375$177K$172K$167K$162K$156K$150K$144K$138K$131K$124K$116K$108K$99K$88K$75K$62K
    $300$103K$99K$94K$89K$84K$79K$73K$67K$61K$54K$47K$39K$30K$20K$7K-$23K
    $250$59K$55K$51K$47K$42K$37K$33K$27K$22K$16K$9K$3K-$5K-$13K-$21K-$23K
    $220$35K$32K$28K$24K$20K$16K$11K$7K$2K-$4K-$9K-$15K-$21K-$27K-$32K-$23K
    $190$14K$11K$7K$4K$267-$3K-$7K-$11K-$15K-$19K-$24K-$28K-$32K-$37K-$40K-$49K
    $172$2K-$970-$4K-$7K-$10K-$13K-$17K-$20K-$24K-$27K-$31K-$34K-$38K-$41K-$44K-$49K

    GLXY · spot $23.64 · target $100 · P&L in $ (M/K)

    Existing (gain from today) · P&L vs today's mark (sunk drawdown excluded) — apples-to-apples with the plans (cost basis -$83,584)
    GLXY \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $100$201K$198K$195K$192K$189K$186K$183K$181K$178K$176K$174K$172K$170K$168K$167K$165K
    $80$155K$152K$148K$145K$142K$138K$135K$132K$129K$127K$124K$122K$120K$118K$117K$115K
    $65$123K$119K$116K$112K$108K$104K$101K$97K$94K$91K$88K$85K$83K$81K$79K$77K
    $52$98K$94K$90K$86K$81K$77K$73K$69K$65K$61K$57K$54K$51K$48K$47K$45K
    $42$81K$77K$73K$68K$64K$59K$55K$50K$45K$40K$36K$31K$27K$24K$22K$20K
    $35$69K$68K$63K$59K$54K$49K$44K$39K$34K$28K$23K$18K$13K$8K$4K$2K
    $30$51K$63K$58K$54K$49K$44K$39K$34K$28K$22K$16K$10K$4K-$2K-$8K-$10K
    $26$22K$20K$16K$11K$7K$2K-$3K-$9K-$14K-$20K-$27K-$33K-$41K-$48K-$56K-$60K
    $24$3K-$27-$4K-$9K-$14K-$19K-$24K-$29K-$35K-$41K-$47K-$54K-$62K-$70K-$79K-$85K
    Fortress · P&L vs today's net cost (cost basis $62,643)
    GLXY \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $100$918K$907K$895K$882K$869K$855K$841K$826K$811K$795K$780K$764K$749K$735K$726K$722K
    $80$643K$632K$620K$607K$594K$580K$565K$549K$533K$516K$498K$478K$457K$436K$417K$408K
    $65$448K$437K$425K$413K$400K$386K$372K$357K$340K$322K$303K$282K$258K$230K$199K$173K
    $52$288K$278K$268K$257K$245K$232K$219K$205K$190K$173K$155K$134K$111K$82K$45K-$31K
    $42$176K$167K$158K$148K$138K$127K$115K$103K$90K$76K$60K$43K$24K-$33-$29K-$63K
    $35$103K$96K$88K$79K$70K$61K$52K$41K$31K$19K$7K-$6K-$21K-$37K-$53K-$63K
    $30$56K$49K$42K$35K$28K$20K$12K$3K-$5K-$15K-$24K-$34K-$43K-$53K-$60K-$63K
    $26$21K$15K$9K$3K-$3K-$10K-$16K-$23K-$30K-$37K-$44K-$51K-$56K-$61K-$63K-$63K
    $24$5K-$363-$6K-$12K-$17K-$23K-$29K-$35K-$41K-$47K-$52K-$58K-$62K-$64K-$64K-$63K

    METHODOLOGY & RECONCILIATION

  • Data: live IBKR positions + account summaries + option marks pulled 2026-08-22 off-RTH (FROZEN). Deep-ITM / illiquid strikes are Black-Scholes-filled at each name's observed IV. Re-price in RTH before ticketing.
  • Model: Black-Scholes constant-IV (module_risk_cockpit). Target values use intrinsic at expiry (LEAPS are at/near expiry by end-2027); near-term legs roll off at current spot. Payoff curves are P&L at expiry along a BTC-equivalent move, beta-scaled per name (IBIT 1.0, COIN 1.31, GLXY 1.17, MARA 2.38, BMNR 2.85).
  • Beta-delta $ = delta × contracts × 100 × spot × beta, canonical sign (calls +, puts −). It is the directional pull of each leg: positive helps a recovery.
  • Fortress strike engine (both tenors) = leap_builder.py (its OTM/Bucket-B optimizer: wspl payoff scoring, held-hedge rule with measured year-1 bleed, gap caps, liquidity/OI filters, live TIMS/greeks), run in {--yolo} mode with its payoff profile retargeted to each name's end-2027 target multiple. It picks the LC/SP/HP strikes; contracts are then sized so intrinsic at the target matches the book. leap_builder returns FORTRESS_PREFERRED on all five. Priced at its live RTH snapshot (2026-08-22T22:27), a few % below Part 1's morning marks.
  • Retires: this page replaces the standalone CONVEXITY_SWITCH page — it is now the single crypto source, reachable as the Crypto tab on the portfolio plan.
  • Pure long = un-liquidatable: shares + long calls paid in full consume zero maintenance margin, so ML ≤ cash by construction and no move can force-liquidate the sleeve, unlike the current margined book.

    • BACKUP — EXISTING BOOK P&L vs ENTRY COST (claw out of the hole)

    The existing book measured against your ACTUAL entry cost basis (avg cost), so it carries the sunk drawdown and has to climb back through the hole before it shows profit. This is your true unrealized P&L on the positions as held. Kept here as a reference; the main heatmaps above use the "gain from today" basis for an apples-to-apples comparison with the plans.

    MARA · spot $11.26 · target $200 · P&L in $ (M/K)

    Existing · P&L vs entry cost basis (avg cost) — carries the drawdown (cost basis $349,606)
    MARA \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $200$17.4M$17.4M$17.3M$17.3M$17.3M$17.3M$17.2M$17.2M$17.2M$17.2M$17.2M$17.2M$17.2M$17.1M$17.1M$17.1M
    $140$11.5M$11.4M$11.4M$11.4M$11.3M$11.3M$11.3M$11.3M$11.2M$11.2M$11.2M$11.2M$11.2M$11.1M$11.1M$11.1M
    $100$7.6M$7.5M$7.5M$7.5M$7.4M$7.4M$7.4M$7.3M$7.3M$7.3M$7.2M$7.2M$7.2M$7.2M$7.1M$7.1M
    $80$5.7M$5.6M$5.6M$5.6M$5.5M$5.5M$5.4M$5.4M$5.4M$5.3M$5.3M$5.2M$5.2M$5.2M$5.1M$5.1M
    $60$3.8M$3.8M$3.7M$3.7M$3.7M$3.6M$3.6M$3.5M$3.5M$3.4M$3.4M$3.3M$3.3M$3.2M$3.2M$3.1M
    $50$2.9M$2.9M$2.8M$2.8M$2.8M$2.7M$2.7M$2.6M$2.6M$2.5M$2.5M$2.4M$2.4M$2.3M$2.2M$2.1M
    $40$2.1M$2.0M$2.0M$2.0M$1.9M$1.9M$1.8M$1.8M$1.7M$1.7M$1.6M$1.6M$1.5M$1.4M$1.4M$1.1M
    $30$1.2M$1.2M$1.2M$1.2M$1.1M$1.1M$1.0M$1.0M$967K$924K$880K$831K$781K$726K$669K$630K
    $25$867K$840K$813K$783K$753K$721K$689K$655K$620K$582K$544K$503K$463K$423K$391K$380K
    $20$515K$493K$469K$444K$419K$393K$366K$337K$308K$278K$248K$217K$187K$158K$137K$130K
    $15$200K$182K$164K$145K$126K$106K$86K$65K$44K$22K$790-$21K-$43K-$65K-$89K-$120K
    $11-$18K-$31K-$44K-$57K-$70K-$84K-$98K-$112K-$125K-$139K-$153K-$168K-$182K-$198K-$217K-$240K

    BMNR · spot $21.57 · target $300 · P&L in $ (M/K)

    Existing · P&L vs entry cost basis (avg cost) — carries the drawdown (cost basis $1,400,215)
    BMNR \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $300$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M$10.4M
    $225$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M$7.3M
    $175$5.3M$5.3M$5.3M$5.3M$5.3M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M$5.2M
    $130$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M$3.4M
    $100$2.2M$2.2M$2.2M$2.2M$2.2M$2.2M$2.2M$2.2M$2.1M$2.1M$2.1M$2.1M$2.1M$2.1M$2.1M$2.1M
    $75$1.2M$1.2M$1.2M$1.2M$1.2M$1.2M$1.1M$1.1M$1.1M$1.1M$1.1M$1.1M$1.1M$1.1M$1.1M$1.1M
    $55$458K$442K$425K$406K$386K$372K$359K$345K$331K$317K$303K$290K$278K$269K$264K$261K
    $40-$78K-$94K-$112K-$133K-$157K-$174K-$189K-$205K-$221K-$239K-$258K-$278K-$299K-$321K-$339K-$346K
    $30-$406K-$416K-$431K-$448K-$466K-$480K-$494K-$509K-$525K-$543K-$563K-$585K-$611K-$642K-$681K-$721K
    $25-$559K-$563K-$573K-$586K-$599K-$611K-$624K-$638K-$652K-$669K-$686K-$707K-$730K-$760K-$800K-$903K
    $21-$676K-$681K-$690K-$701K-$710K-$721K-$732K-$744K-$756K-$770K-$785K-$801K-$820K-$842K-$870K-$908K

    IBIT · spot $43.68 · target $100 · P&L in $ (M/K)

    Existing · P&L vs entry cost basis (avg cost) — carries the drawdown (cost basis $547,430)
    IBIT \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $100$141K$137K$133K$129K$124K$120K$115K$110K$106K$100K$95K$89K$84K$80K$78K$78K
    $90$53K$49K$45K$41K$36K$32K$27K$22K$16K$10K$4K-$3K-$10K-$18K-$22K-$22K
    $80-$31K-$35K-$39K-$43K-$48K-$52K-$57K-$63K-$68K-$74K-$81K-$88K-$97K-$108K-$122K-$122K
    $70-$111K-$115K-$118K-$122K-$126K-$131K-$135K-$140K-$145K-$151K-$157K-$164K-$172K-$182K-$197K-$197K
    $62-$171K-$174K-$177K-$181K-$184K-$188K-$192K-$196K-$201K-$205K-$210K-$216K-$221K-$228K-$231K-$231K
    $55-$220K-$223K-$225K-$228K-$231K-$234K-$237K-$241K-$244K-$248K-$251K-$255K-$258K-$260K-$260K-$260K
    $50-$253K-$255K-$257K-$260K-$262K-$265K-$267K-$270K-$272K-$275K-$277K-$279K-$281K-$282K-$281K-$281K
    $46-$277K-$279K-$281K-$283K-$285K-$287K-$289K-$291K-$293K-$295K-$296K-$298K-$298K-$298K-$298K-$298K
    $44-$289K-$291K-$293K-$295K-$296K-$298K-$300K-$301K-$303K-$304K-$306K-$306K-$307K-$307K-$307K-$307K

    COIN · spot $172.35 · target $700 · P&L in $ (M/K)

    Existing · P&L vs entry cost basis (avg cost) — carries the drawdown (cost basis $157,496)
    COIN \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $700$651K$635K$618K$600K$582K$562K$542K$520K$498K$474K$448K$420K$390K$359K$343K$343K
    $550$354K$338K$322K$305K$287K$268K$249K$227K$205K$180K$154K$123K$88K$40K-$32K-$32K
    $450$174K$160K$145K$130K$114K$97K$79K$59K$39K$17K-$7K-$34K-$64K-$102K-$157K-$157K
    $375$53K$41K$28K$14K$412-$15K-$30K-$46K-$63K-$82K-$101K-$122K-$143K-$163K-$157K-$157K
    $300-$52K-$62K-$72K-$83K-$94K-$106K-$118K-$131K-$143K-$156K-$169K-$182K-$194K-$203K-$232K-$232K
    $250-$111K-$119K-$128K-$136K-$145K-$154K-$163K-$173K-$182K-$191K-$200K-$208K-$215K-$222K-$232K-$232K
    $220-$141K-$148K-$155K-$163K-$170K-$177K-$185K-$192K-$199K-$206K-$212K-$218K-$223K-$229K-$232K-$232K
    $190-$168K-$173K-$179K-$185K-$191K-$196K-$202K-$207K-$212K-$217K-$221K-$225K-$228K-$231K-$232K-$232K
    $172-$181K-$186K-$191K-$196K-$201K-$205K-$210K-$214K-$218K-$222K-$225K-$228K-$230K-$232K-$232K-$232K

    GLXY · spot $23.64 · target $100 · P&L in $ (M/K)

    Existing · P&L vs entry cost basis (avg cost) — carries the drawdown (cost basis -$134,864)
    GLXY \ dateAug'26Sep'26Oct'26Dec'26Jan'27Feb'27Mar'27Apr'27May'27Jun'27Aug'27Sep'27Oct'27Nov'27Dec'27Jan'28
    $100$252K$249K$246K$243K$240K$237K$234K$232K$229K$227K$225K$223K$221K$220K$218K$216K
    $80$206K$203K$200K$196K$193K$190K$186K$183K$181K$178K$176K$173K$171K$170K$168K$166K
    $65$174K$171K$167K$163K$159K$156K$152K$148K$145K$142K$139K$136K$134K$132K$130K$129K
    $52$149K$145K$141K$137K$133K$128K$124K$120K$116K$112K$108K$105K$102K$100K$98K$96K
    $42$132K$128K$124K$120K$115K$110K$106K$101K$96K$92K$87K$83K$79K$75K$73K$71K
    $35$121K$119K$115K$110K$105K$100K$95K$90K$85K$80K$74K$69K$64K$59K$56K$54K
    $30$103K$114K$110K$105K$100K$95K$90K$85K$79K$74K$68K$61K$55K$49K$44K$41K
    $26$73K$72K$67K$63K$58K$53K$48K$42K$37K$31K$25K$18K$11K$3K-$4K-$9K
    $24$55K$51K$47K$42K$38K$33K$28K$22K$17K$10K$4K-$3K-$10K-$19K-$27K-$34K