Crypto options comparison: MARA + BMNR sizes and structures, against the CRYPTO page targets

Built 2026-10-30 SGT from CBOE delayed quotes (last close; MARA $6.79, BMNR $20.39), priced at the natural (buy at the ask). Targets are the CRYPTO page's own tandem totals. Margin is the Repair / cockpit model calibrated to IBKR (Main x1.23); check IBKR's What-if in US market hours before any ticket. Read-only: nothing here places an order. Your chosen plan: the Crypto Sleeve tab of Portfolio Reset (500 MARA + 250 BMNR, 250 more at BMNR $30).

In plain words

One sleeve, five sizes. IDEAL is 1,000x MARA 25C Dec '28 + 840x BMNR 40C Jan '29 (about 25 to 27 months of runway). The others are the same two calls at 75%, 60%, 50%, 25%. Calls only, so the cost IS the Max Loss, paid once, and nothing can force a sale. Max Loss: IDEAL $674k, IDEAL 75% $505k, IDEAL 60% $402k, IDEAL 50% $337k, IDEAL 25% $168k.
Only the full size keeps up with the current book at the marked pairs: $4.02M / $9.54M / $16.74M against the book's $3.99M / $8.38M / $13.70M at MARA $40 / $70 / $100, and it is at or above the book from MARA $40 / BMNR $70 onward. The smaller sizes never catch the book on this ladder: even at MARA $200 / BMNR $300 they reach $29.50M / $23.50M / $19.67M / $9.84M against the book's $30.64M.
Breakeven is the same at every size: MARA $30 / BMNR $55 at expiry. Sizing down shrinks the loss and the payoff together: every 25 points of size is about $168k of Max Loss and a quarter of the full payoff at every price.
The cost of this shape: below MARA $25 / BMNR $40 every size is worth $0 at expiry, while the current book (shares from $0) is worth something at every step. The table right below puts every size and the book side by side.

IDEAL

$674k

Max Loss = the premium, paid once

margin ~$573k (model)

1,000x MARA 25C Dec 15 '28 + 840x BMNR 40C Jan 19 '29

IDEAL 75%

$505k

Max Loss = the premium, paid once

margin ~$430k (model)

750x MARA 25C Dec 15 '28 + 630x BMNR 40C Jan 19 '29

IDEAL 60%

$402k

Max Loss = the premium, paid once

margin ~$341k (model)

600x MARA 25C Dec 15 '28 + 500x BMNR 40C Jan 19 '29

IDEAL 50%

$337k

Max Loss = the premium, paid once

margin ~$286k (model)

500x MARA 25C Dec 15 '28 + 420x BMNR 40C Jan 19 '29

IDEAL 25%

$168k

Max Loss = the premium, paid once

margin ~$143k (model)

250x MARA 25C Dec 15 '28 + 210x BMNR 40C Jan 19 '29

Every size and the current book, together

The CRYPTO page's tandem columns: each column is ONE paired step (MARA on top, the BMNR price it is expected to reach at roughly the same time underneath). Top row: the current book's TOTAL from the CRYPTO page. Then each size's value at expiry with that pair reached, on the same shading scale as the book, so deeper green = worth more; a boxed cell is at or above the current book. Bottom block: each size's P&L (value minus the premium paid); it can never fall below minus its Max Loss.

MARA price	$11	$15	$20	$25	$30	$35	▼ $40	$50	$60	▼ $70	$80	$90	▼ $100	$125	$150	$175	$200
BMNR price	$22	$30	$35	$45	$55	$60	$70	$80	$90	$100	$115	$135	$150	$190	$225	$260	$300
Current book TOTAL (CRYPTO page)	$594K	$939K	$1.4M	$2.1M	$2.8M	$3.3M	$4.0M	$5.5M	$6.9M	$8.4M	$10.1M	$12.0M	$13.7M	$18.0M	$22.2M	$26.3M	$30.6M
IDEAL value ($674K ML)	$0	$0	$0	$420K	$1.8M	$2.7M	$4.0M	$5.9M	$7.7M	$9.5M	$11.8M	$14.5M	$16.7M	$22.6M	$28.0M	$33.5M	$39.3M
IDEAL 75% value ($505K ML)	$0	$0	$0	$315K	$1.3M	$2.0M	$3.0M	$4.4M	$5.8M	$7.2M	$8.8M	$10.9M	$12.6M	$16.9M	$21.0M	$25.1M	$29.5M
IDEAL 60% value ($402K ML)	$0	$0	$0	$250K	$1.1M	$1.6M	$2.4M	$3.5M	$4.6M	$5.7M	$7.0M	$8.7M	$10.0M	$13.5M	$16.8M	$20.0M	$23.5M
IDEAL 50% value ($337K ML)	$0	$0	$0	$210K	$880K	$1.3M	$2.0M	$2.9M	$3.9M	$4.8M	$5.9M	$7.2M	$8.4M	$11.3M	$14.0M	$16.7M	$19.7M
IDEAL 25% value ($168K ML)	$0	$0	$0	$105K	$440K	$670K	$1.0M	$1.5M	$1.9M	$2.4M	$3.0M	$3.6M	$4.2M	$5.7M	$7.0M	$8.4M	$9.8M
IDEAL P&L	-$674K	-$674K	-$674K	-$254K	+$1.1M	+$2.0M	+$3.3M	+$5.2M	+$7.0M	+$8.9M	+$11.1M	+$13.8M	+$16.1M	+$21.9M	+$27.4M	+$32.8M	+$38.7M
IDEAL 75% P&L	-$505K	-$505K	-$505K	-$190K	+$815K	+$1.5M	+$2.5M	+$3.9M	+$5.3M	+$6.6M	+$8.3M	+$10.4M	+$12.0M	+$16.4M	+$20.5M	+$24.6M	+$29.0M
IDEAL 60% P&L	-$402K	-$402K	-$402K	-$152K	+$648K	+$1.2M	+$2.0M	+$3.1M	+$4.2M	+$5.3M	+$6.6M	+$8.2M	+$9.6M	+$13.1M	+$16.3M	+$19.6M	+$23.1M
IDEAL 50% P&L	-$337K	-$337K	-$337K	-$127K	+$543K	+$1.0M	+$1.7M	+$2.6M	+$3.5M	+$4.4M	+$5.6M	+$6.9M	+$8.0M	+$11.0M	+$13.7M	+$16.4M	+$19.3M
IDEAL 25% P&L	-$168K	-$168K	-$168K	-$63K	+$272K	+$502K	+$837K	+$1.3M	+$1.8M	+$2.2M	+$2.8M	+$3.5M	+$4.0M	+$5.5M	+$6.8M	+$8.2M	+$9.7M

The targets

Goal	MARA price	BMNR price	MARA value	BMNR value	Total
IDEAL	$40	$70	$1.48M	$2.51M	$3.99M
IDEAL	$70	$100	$4.48M	$3.90M	$8.38M
MOONSHOT	$100	$150	$7.48M	$6.21M	$13.70M

The current book's value at each marked pair. The full IDEAL sleeve sizes each name to carry its own row (MARA to the MARA value, BMNR to the BMNR value), so it does not need the tandem to hold exactly. Sizing basis: value at expiry with the pair reached (the CRYPTO page's own basis); the "by end-2027" figures add the time value left if the pair arrives on 31 Dec 2027, volatility held still.

The sizes side by side

Sleeve	Buy	Cost = Max Loss	Margin (model)	MARA $40 / BMNR $70 target $3.99M	MARA $70 / BMNR $100 target $8.38M	MARA $100 / BMNR $150 target $13.70M	Crypto -50% today	Biggest leg vs open interest
IDEAL	1,000x MARA 25C Dec 15 '28 @ $1.53 840x BMNR 40C Jan 19 '29 @ $6.20	$674k	$573k	$4.02M $5.20M if reached by end-2027	$9.54M $10.22M if reached by end-2027	$16.74M $17.18M if reached by end-2027	-$510k	12%
IDEAL 75%	750x MARA 25C Dec 15 '28 @ $1.53 630x BMNR 40C Jan 19 '29 @ $6.20	$505k	$430k	$3.02M $3.90M if reached by end-2027	$7.16M $7.67M if reached by end-2027	$12.55M $12.88M if reached by end-2027	-$383k	9%
IDEAL 60%	600x MARA 25C Dec 15 '28 @ $1.53 500x BMNR 40C Jan 19 '29 @ $6.20	$402k	$341k	$2.40M $3.10M if reached by end-2027	$5.70M $6.11M if reached by end-2027	$10.00M $10.26M if reached by end-2027	-$304k	7%
IDEAL 50%	500x MARA 25C Dec 15 '28 @ $1.53 420x BMNR 40C Jan 19 '29 @ $6.20	$337k	$286k	$2.01M $2.60M if reached by end-2027	$4.77M $5.11M if reached by end-2027	$8.37M $8.59M if reached by end-2027	-$255k	6%
IDEAL 25%	250x MARA 25C Dec 15 '28 @ $1.53 210x BMNR 40C Jan 19 '29 @ $6.20	$168k	$143k	$1.00M $1.30M if reached by end-2027	$2.38M $2.56M if reached by end-2027	$4.18M $4.29M if reached by end-2027	-$128k	3%

Green = meets that target at expiry. Crypto -50% today = what the sleeve would be worth minus what it cost if both names halved tomorrow, volatility held still; it can never lose more than its cost. Open interest from CBOE; every leg is under half of it, so each can be built over a few sessions with limit orders.

Weekly 0.2-delta calls on the 50% and 25% sizes

Each Friday, sell the listed weekly call nearest 0.20 delta against part of the sleeve's long calls; close it the next Friday at intrinsic, or with a $0.01 penny buyback when it is out of the money (never left to expire or assign). Earnings weeks are skipped. Priced at the bid from the 2026-10-30 close; monthly = weekly x 30 / 7. Paths run 61 weeks to 31 Dec 2027 (4,000 each, weekly steps, the strike and premium kept at today's ratios to spot).

In plain words

The income looks big. Covering all of the 50% size (500 MARA + 420 BMNR) collects about $12k a week, $51k a month, at Friday's bids. If every call expired worthless, that would repay the $337k premium in about 7 months.
But the long calls do not cover a rally. The weekly is struck at MARA $8 / BMNR $22.5, far below the 25C / 40C you own, so a week that jumps past the strike costs the jump on every covered contract while the long calls gain only part of it. One +50% week costs $86k; one +100% week costs $280k.
With no view on direction it is roughly break-even: typical +$32k and expected -$66k over the 14 months at full cover. It only earns if the names stay as calm as last year (MARA realized 85% vs 115% implied): expected +$133k. The last 12 months on the real path made +$389k, but both names fell about 60% in that year, the best case for selling calls.
On the IDEAL path it works against you. If MARA $40 / BMNR $70 arrives by end-2027 (the reason to own the sleeve), the calls cost $630k typical and $1.53M expected at full cover ($4.05M in the worst 1-in-10), against the sleeve's own +$2.26M there. Coverage scales every number: at 25% cover it is a quarter of each.
Earnings: MARA reports 2026-11-04 (no MARA weekly next week), BMNR 2026-11-20. Both are skipped every 13 weeks after that.

The weekly call today

Name	Spot	Weekly (Nov 6 '26)	Bid / ask	Delta	Out of the money	Implied vol	Last 12 months realized	Open interest	Per contract a week	Weeks sold to end-2027	Next earnings
MARA	$6.77	8C	$0.08 / $0.10	0.18	18%	115%	85%	3,267	$8	56 of 61	2026-11-04
BMNR	$20.15	22.5C	$0.19 / $0.21	0.18	12%	79%	76%	1,625	$19	56 of 61	2026-11-20

Income and its cost, by size and coverage

Size	Covered MARA / BMNR	Weekly (gross)	Monthly (gross)	Ceiling to end-2027 (all expire worthless)	Last 12 months (real path)	No view typical / expected	No view, last year's vol expected	IDEAL path typical / expected	IDEAL path 1-in-10 bad	Down path expected	One +50% week	One +100% week	Margin (model) calls only → with weeklies
IDEAL 50%	25% · 125 / 105	$3k	$13k	$168k	+$97k	+$8k / -$17k	+$33k	-$157k / -$383k	-$1.01M	-$10k	-$21k	-$70k	$286k → $282k
	50% · 250 / 210	$6k	$26k	$335k	+$194k	+$16k / -$33k	+$67k	-$315k / -$765k	-$2.03M	-$20k	-$43k	-$140k	$286k → $277k
	100% · 500 / 420	$12k	$51k	$671k	+$389k	+$32k / -$66k	+$133k	-$630k / -$1.53M	-$4.05M	-$40k	-$86k	-$280k	$286k → $269k
IDEAL 25%	25% · 62 / 52	$1k	$6k	$83k	+$48k	+$4k / -$8k	+$17k	-$78k / -$190k	-$502k	-$5k	-$11k	-$35k	$143k → $141k
	50% · 125 / 105	$3k	$13k	$168k	+$97k	+$8k / -$17k	+$33k	-$157k / -$383k	-$1.01M	-$10k	-$21k	-$70k	$143k → $139k
	100% · 250 / 210	$6k	$26k	$335k	+$194k	+$16k / -$33k	+$67k	-$315k / -$765k	-$2.03M	-$20k	-$43k	-$140k	$143k → $134k

Typical = the median path; expected = the average over paths (pulled down by the big rally paths); 1-in-10 bad = the 10th percentile. IDEAL path: the median reaches MARA $40 / BMNR $70 on 31 Dec 2027. Down path: the median halves. No view: the average price stays flat. The +50% / +100% weeks are the calls' loss net of the long calls' gain that same week. Margin is the cockpit model x Main's IBKR calibration (portfolio margin); the weekly barely moves it because the long calls already carry the scan. IBKR's What-if is the check.

The IDEAL path, with and without the weeklies

Size	Coverage	Sleeve P&L $40 / $70 by end-2027	Weeklies typical	Sleeve + weeklies typical	Weeklies expected	Sleeve + weeklies expected	Weeklies 1-in-10 bad
IDEAL 50%	25%	+$2.26M	-$157k	+$2.10M	-$383k	+$1.88M	-$1.01M
	50%	+$2.26M	-$315k	+$1.95M	-$765k	+$1.50M	-$2.03M
	100%	+$2.26M	-$630k	+$1.63M	-$1.53M	+$731k	-$4.05M
IDEAL 25%	25%	+$1.13M	-$78k	+$1.05M	-$190k	+$941k	-$502k
	50%	+$1.13M	-$157k	+$974k	-$383k	+$748k	-$1.01M
	100%	+$1.13M	-$315k	+$816k	-$765k	+$366k	-$2.03M

Sleeve P&L = the long calls' value if the pair arrives on 31 Dec 2027 (time value left, volatility held still) minus the premium. The weeklies column is the whole weekly program over the same 61 weeks on paths whose median lands there.

Each size in detail

The CRYPTO page's "Price detail in tandem" table for each size: MARA and BMNR value at expiry with that pair reached, the TOTAL, the P&L at expiry, the P&L if the pair arrives on 31 Dec 2027 (time value left, volatility held still), and the current book's TOTAL for comparison.

IDEAL (full size)

1,000x MARA 25C Dec 15 '28 + 840x BMNR 40C Jan 19 '29 · cost $674K (= Max Loss) · breaks even at expiry by MARA $30 / BMNR $55

MARA price	$11	$15	$20	$25	$30	$35	▼ $40	$50	$60	▼ $70	$80	$90	▼ $100	$125	$150	$175	$200
BMNR price	$22	$30	$35	$45	$55	$60	$70	$80	$90	$100	$115	$135	$150	$190	$225	$260	$300
MARA value	$0	$0	$0	$0	$500K	$1.0M	$1.5M	$2.5M	$3.5M	$4.5M	$5.5M	$6.5M	$7.5M	$10.0M	$12.5M	$15.0M	$17.5M
BMNR value	$0	$0	$0	$420K	$1.3M	$1.7M	$2.5M	$3.4M	$4.2M	$5.0M	$6.3M	$8.0M	$9.2M	$12.6M	$15.5M	$18.5M	$21.8M
TOTAL (MARA + BMNR)	$0	$0	$0	$420K	$1.8M	$2.7M	$4.0M	$5.9M	$7.7M	$9.5M	$11.8M	$14.5M	$16.7M	$22.6M	$28.0M	$33.5M	$39.3M
P&L at expiry (TOTAL − $674K paid)	-$674K	-$674K	-$674K	-$254K	+$1.1M	+$2.0M	+$3.3M	+$5.2M	+$7.0M	+$8.9M	+$11.1M	+$13.8M	+$16.1M	+$21.9M	+$27.4M	+$32.8M	+$38.7M
P&L if reached by end-2027	-$237K	+$246K	+$761K	+$1.7M	+$2.7M	+$3.4M	+$4.5M	+$6.1M	+$7.8M	+$9.5M	+$11.7M	+$14.3M	+$16.5M	+$22.3M	+$27.7M	+$33.1M	+$38.9M
Current book TOTAL (CRYPTO page)	$594K	$939K	$1.4M	$2.1M	$2.8M	$3.3M	$4.0M	$5.5M	$6.9M	$8.4M	$10.1M	$12.0M	$13.7M	$18.0M	$22.2M	$26.3M	$30.6M

IDEAL 75%

750x MARA 25C Dec 15 '28 + 630x BMNR 40C Jan 19 '29 · cost $505K (= Max Loss) · breaks even at expiry by MARA $30 / BMNR $55

MARA price	$11	$15	$20	$25	$30	$35	▼ $40	$50	$60	▼ $70	$80	$90	▼ $100	$125	$150	$175	$200
BMNR price	$22	$30	$35	$45	$55	$60	$70	$80	$90	$100	$115	$135	$150	$190	$225	$260	$300
MARA value	$0	$0	$0	$0	$375K	$750K	$1.1M	$1.9M	$2.6M	$3.4M	$4.1M	$4.9M	$5.6M	$7.5M	$9.4M	$11.2M	$13.1M
BMNR value	$0	$0	$0	$315K	$945K	$1.3M	$1.9M	$2.5M	$3.1M	$3.8M	$4.7M	$6.0M	$6.9M	$9.4M	$11.7M	$13.9M	$16.4M
TOTAL (MARA + BMNR)	$0	$0	$0	$315K	$1.3M	$2.0M	$3.0M	$4.4M	$5.8M	$7.2M	$8.8M	$10.9M	$12.6M	$16.9M	$21.0M	$25.1M	$29.5M
P&L at expiry (TOTAL − $505K paid)	-$505K	-$505K	-$505K	-$190K	+$815K	+$1.5M	+$2.5M	+$3.9M	+$5.3M	+$6.6M	+$8.3M	+$10.4M	+$12.0M	+$16.4M	+$20.5M	+$24.6M	+$29.0M
P&L if reached by end-2027	-$178K	+$184K	+$570K	+$1.2M	+$2.0M	+$2.5M	+$3.4M	+$4.6M	+$5.9M	+$7.2M	+$8.8M	+$10.7M	+$12.4M	+$16.7M	+$20.8M	+$24.8M	+$29.2M
Current book TOTAL (CRYPTO page)	$594K	$939K	$1.4M	$2.1M	$2.8M	$3.3M	$4.0M	$5.5M	$6.9M	$8.4M	$10.1M	$12.0M	$13.7M	$18.0M	$22.2M	$26.3M	$30.6M

IDEAL 60%

600x MARA 25C Dec 15 '28 + 500x BMNR 40C Jan 19 '29 · cost $402K (= Max Loss) · breaks even at expiry by MARA $30 / BMNR $55

MARA price	$11	$15	$20	$25	$30	$35	▼ $40	$50	$60	▼ $70	$80	$90	▼ $100	$125	$150	$175	$200
BMNR price	$22	$30	$35	$45	$55	$60	$70	$80	$90	$100	$115	$135	$150	$190	$225	$260	$300
MARA value	$0	$0	$0	$0	$300K	$600K	$900K	$1.5M	$2.1M	$2.7M	$3.3M	$3.9M	$4.5M	$6.0M	$7.5M	$9.0M	$10.5M
BMNR value	$0	$0	$0	$250K	$750K	$1.0M	$1.5M	$2.0M	$2.5M	$3.0M	$3.8M	$4.8M	$5.5M	$7.5M	$9.2M	$11.0M	$13.0M
TOTAL (MARA + BMNR)	$0	$0	$0	$250K	$1.1M	$1.6M	$2.4M	$3.5M	$4.6M	$5.7M	$7.0M	$8.7M	$10.0M	$13.5M	$16.8M	$20.0M	$23.5M
P&L at expiry (TOTAL − $402K paid)	-$402K	-$402K	-$402K	-$152K	+$648K	+$1.2M	+$2.0M	+$3.1M	+$4.2M	+$5.3M	+$6.6M	+$8.2M	+$9.6M	+$13.1M	+$16.3M	+$19.6M	+$23.1M
P&L if reached by end-2027	-$141K	+$147K	+$455K	+$987K	+$1.6M	+$2.0M	+$2.7M	+$3.7M	+$4.7M	+$5.7M	+$7.0M	+$8.5M	+$9.9M	+$13.3M	+$16.5M	+$19.8M	+$23.3M
Current book TOTAL (CRYPTO page)	$594K	$939K	$1.4M	$2.1M	$2.8M	$3.3M	$4.0M	$5.5M	$6.9M	$8.4M	$10.1M	$12.0M	$13.7M	$18.0M	$22.2M	$26.3M	$30.6M

IDEAL 50%

500x MARA 25C Dec 15 '28 + 420x BMNR 40C Jan 19 '29 · cost $337K (= Max Loss) · breaks even at expiry by MARA $30 / BMNR $55

MARA price	$11	$15	$20	$25	$30	$35	▼ $40	$50	$60	▼ $70	$80	$90	▼ $100	$125	$150	$175	$200
BMNR price	$22	$30	$35	$45	$55	$60	$70	$80	$90	$100	$115	$135	$150	$190	$225	$260	$300
MARA value	$0	$0	$0	$0	$250K	$500K	$750K	$1.2M	$1.8M	$2.2M	$2.8M	$3.2M	$3.8M	$5.0M	$6.2M	$7.5M	$8.8M
BMNR value	$0	$0	$0	$210K	$630K	$840K	$1.3M	$1.7M	$2.1M	$2.5M	$3.1M	$4.0M	$4.6M	$6.3M	$7.8M	$9.2M	$10.9M
TOTAL (MARA + BMNR)	$0	$0	$0	$210K	$880K	$1.3M	$2.0M	$2.9M	$3.9M	$4.8M	$5.9M	$7.2M	$8.4M	$11.3M	$14.0M	$16.7M	$19.7M
P&L at expiry (TOTAL − $337K paid)	-$337K	-$337K	-$337K	-$127K	+$543K	+$1.0M	+$1.7M	+$2.6M	+$3.5M	+$4.4M	+$5.6M	+$6.9M	+$8.0M	+$11.0M	+$13.7M	+$16.4M	+$19.3M
P&L if reached by end-2027	-$119K	+$123K	+$380K	+$826K	+$1.3M	+$1.7M	+$2.3M	+$3.1M	+$3.9M	+$4.8M	+$5.9M	+$7.1M	+$8.3M	+$11.1M	+$13.8M	+$16.5M	+$19.5M
Current book TOTAL (CRYPTO page)	$594K	$939K	$1.4M	$2.1M	$2.8M	$3.3M	$4.0M	$5.5M	$6.9M	$8.4M	$10.1M	$12.0M	$13.7M	$18.0M	$22.2M	$26.3M	$30.6M

IDEAL 25%

250x MARA 25C Dec 15 '28 + 210x BMNR 40C Jan 19 '29 · cost $168K (= Max Loss) · breaks even at expiry by MARA $30 / BMNR $55

MARA price	$11	$15	$20	$25	$30	$35	▼ $40	$50	$60	▼ $70	$80	$90	▼ $100	$125	$150	$175	$200
BMNR price	$22	$30	$35	$45	$55	$60	$70	$80	$90	$100	$115	$135	$150	$190	$225	$260	$300
MARA value	$0	$0	$0	$0	$125K	$250K	$375K	$625K	$875K	$1.1M	$1.4M	$1.6M	$1.9M	$2.5M	$3.1M	$3.8M	$4.4M
BMNR value	$0	$0	$0	$105K	$315K	$420K	$630K	$840K	$1.1M	$1.3M	$1.6M	$2.0M	$2.3M	$3.1M	$3.9M	$4.6M	$5.5M
TOTAL (MARA + BMNR)	$0	$0	$0	$105K	$440K	$670K	$1.0M	$1.5M	$1.9M	$2.4M	$3.0M	$3.6M	$4.2M	$5.7M	$7.0M	$8.4M	$9.8M
P&L at expiry (TOTAL − $168K paid)	-$168K	-$168K	-$168K	-$63K	+$272K	+$502K	+$837K	+$1.3M	+$1.8M	+$2.2M	+$2.8M	+$3.5M	+$4.0M	+$5.5M	+$6.8M	+$8.2M	+$9.7M
P&L if reached by end-2027	-$59K	+$61K	+$190K	+$413K	+$665K	+$849K	+$1.1M	+$1.5M	+$2.0M	+$2.4M	+$2.9M	+$3.6M	+$4.1M	+$5.6M	+$6.9M	+$8.3M	+$9.7M
Current book TOTAL (CRYPTO page)	$594K	$939K	$1.4M	$2.1M	$2.8M	$3.3M	$4.0M	$5.5M	$6.9M	$8.4M	$10.1M	$12.0M	$13.7M	$18.0M	$22.2M	$26.3M	$30.6M

Calls vs fortresses on the long-runway expiries

For each name at the IDEAL targets: the cheapest mix of listed calls (an exact LP over every strike), the fortress (LC + short put + hedge put, 1:1:1) with the lowest Max Loss, and the lowest-Max-Loss fortress that costs nothing up front. Every leg is at most half its strike's open interest. Max Loss is the cash to hold so nothing is ever force-sold (the margin guide's ML ≤ cash rule).

Goal	Name	Expiry	Structure	Legs	Cash out	Max Loss (cash to hold, no forced sale)	Margin (model)	Crypto -50% today
IDEAL	MARA	Dec 15 '28	Calls only	972x 25C, 29x 32C	$152k	$152k	$98k	-$110k
IDEAL	BMNR	Jan 19 '29	Calls only	837x 40C	$519k	$519k	$472k	-$379k

Why not a fortress here

A fortress exists to finance a near-the-money long call with a short put whose risk the hedge caps. These targets sit 3.4x to 15x above spot, so the call is cheap and the put adds more Max Loss (strike gap x 100) than the credit it brings.
The put leg is short crypto volatility at the worst moment: at crypto -50% the fortress loses more than the calls lose, and its margin rises while the calls' falls.
Selling more puts can always make the cash look free (one unconstrained run sold 5,000 BMNR 30P for a $3.5M credit). That is a different trade, not a cheaper sleeve.
Same conclusion as the August moonshot exit plan: redeploys are calls only, with the premium as the whole Max Loss.

Before any ticket

Re-price in US market hours: these are last-close CBOE quotes. MARA 25C Dec '28 $1.40 / $1.53 and BMNR 40C Jan '29 $5.90 / $6.20 (bid / ask) are the whole cost.
Build in clips with limit orders near the mid. At full size, 1,000 MARA 25C is 11% of open interest and 840 BMNR 40C is 12%.
Margin shown is a model (long calls: the scan loss, never more than their value). IBKR's What-if is the check.
Re-run: cd _md_files/portfolio/2026-10-30_crypto_sleeve && python3 fetch_chains.py && python3 sleeve.py && python3 gen_page.py && python3 gen_sleeve.py, then deploy_cf.sh.