BMNR + MARA: rolling the 2027 / 2028 legs to Jan 19 '29

Shares are not rolled: Main 7,500 BMNR + 10,000 MARA, Joint 8,800 BMNR. The 25x 45P Jan '27 floors 2,500 of Main's BMNR shares (it came from an old fortress that was assigned).

Today: crypto -50% loss -$452.6k · market danger point 28% · 735 candidates, 197 pass the upside and danger checks.

Today: crypto -50% loss -$452.6k · market danger point 28% · 168 candidates, 60 pass the upside and danger checks.

Today: crypto -50% loss -$331.1k · market danger point 42% · 735 candidates, 134 pass the upside and danger checks.

Today: crypto -50% loss -$452.6k · market danger point 28% · 65 candidates, 7 pass the upside and danger checks.

Today: crypto -50% loss -$452.6k · market danger point 28% · 24 candidates, 7 pass the upside and danger checks.

Today: crypto -50% loss -$78.0k · market danger point none to -95% · 24 candidates, 3 pass the upside and danger checks.

Crypto loss = what the account loses if every crypto name falls together and everything else holds. No account reaches the $100k floor even in a -95% crypto crash, before or after. Market danger point = the market drop where margin trouble starts; lower is worse.

The same best roll done later instead of today: what it would cost then if the stock is 30% lower, flat or 50% higher, with implied volatility unchanged. Model prices, shifted by today's gap between the model and the market on these exact contracts. Either way you end up holding the same Jan '29 legs, so the cheaper column wins. Margin = the roll's maintenance-margin change on that day, on the account's own book aged to the date and re-priced (every crypto name moved together, everything else flat). Colours as everywhere on this page: cash paid red, margin added red. To compare with today, read the Roll now columns. ★ = the best date to roll at that price (you choose the date, not the price), today included, on the page's own score: cash paid plus margin added.

The same best roll done on Jul 21 '27, six months before the Jan '28 expiry (the Jan '27 legs: Dec 15 '26), after every crypto name has fallen 15% or 30% (they move together; everything else flat). Each account is re-priced as it would stand then: its options aged to that date at the lower prices, so the cushion, the danger point and the crypto loss start from the account after the fall, not from today. "Crypto -50%" is a further 50% fall from that lower level. Cost: model prices, shifted by today's model-to-market gap.

Today, for comparison: rolling the same Jan '28 positions now costs the figure in brackets and adds the margin in section 4. NLV on the roll date is the account after the fall and nine months of time decay, before any roll.

Every crypto name 30% lower by the renewal; each position rolled on its starred -30% date from section 5. "Change" is against rolling the same positions today. Cash: paid negative, received positive.

The Jan '27 35C + 45P (shaded) is outside the totals: its best roll swaps the $45 floor for a $25 one and pays you, a separate decision (the Dec 15 reminder). The margin lands on a smaller account: after a 30% fall the cushion over maintenance is already lower (section 6). The expensive case for renewing is a rally, not a fall (section 5, +50%).