Crypto sleeve: 500 MARA + 250 BMNR (250 more at BMNR $30) + 300 IBIT, weekly calls on a quarter

Built 2026-11-04 00:10 SGT from CBOE delayed quotes (the Friday 30 Oct close; MARA $6.77, BMNR $20.15, IBIT $43.36 = BTC about $76,743), bought at the ask. Your plan in the Portfolio Reset (Convexity tab), including the IBIT calls that replace your 10 spot BTC. Every other MARA / BMNR size and structure is on Crypto Options Comparison. Read-only: nothing here places an order.

Cost = Max Loss

$328k

MARA + BMNR $203k · IBIT $125k

at the ask (mid $315k); nothing can force a sale

IBIT leg

300x 90C

Dec '28 @ $3.80 / $4.15

$125k · frees $643k from 10 BTC

MARA leg

500x 25C

Dec '28 @ $1.20 / $1.34

$67k · 6% of open interest

BMNR leg

250x 40C

Jan '29 @ $5.10 / $5.45; 250 more at BMNR $30

$136k · 4% of open interest

Weekly calls, book basis

$5k/mo

$16k gross at the bid

125 MARA + 62 BMNR + 75 IBIT covered

At MARA $40 / BMNR $70, add bought

$2.25M

at expiry; $2.82M if by end-2027

breakeven MARA $30 / BMNR $55

In plain words

Three long calls, $328k in all, and that is the whole Max Loss until the add (MARA + BMNR $203k, IBIT $125k). MARA and BMNR: Below MARA $25 / BMNR $40 at Dec '28 / Jan '29 they are worth $0; above, every $1 on MARA adds $50k and every $1 on BMNR $25k, or $50k once the add is bought. They break even at expiry around MARA $30 / BMNR $55.
The BMNR rule: 250 now. If BMNR reaches $30, 250 more, strike your call on the day (a higher strike may well be listed by then). Priced as the 40C, the add costs about $272k by Dec '26, $220k by Jun '27 and $165k by Dec '27. If BMNR never gets there you have saved $136k; if it touches $30, you add and it fades, the sleeve can lose up to about $475k.
The payoff, add bought: $2.25M at MARA $40 / BMNR $70, $5.25M at $70 / $100 and $9.25M at $100 / $150, at expiry. If the pair arrives by end-2027 there is time value left on top: $2.82M at $40 / $70.
IBIT, in place of your 10 spot BTC: sell the BTC (about $767k), buy 300x IBIT Dec '28 90C for $125k and keep $643k as cash. The calls are worth $0 below BTC about $160,140 on 15 Dec 2028 and break even, after interest on the freed cash, at about $164,791 (about 2.1x today). Against simply holding the BTC, at BTC $200k / $300k / $400k / $600k: +$594k / +$2.28M / +$3.97M / +$7.34M (with interest), vs +$1.23M / +$2.23M / +$3.23M / +$5.23M for the 10 BTC.
The weekly calls on a quarter: each Friday sell the weekly nearest 0.20 delta on 125 MARA, 62 BMNR (125 after the add) and 75 IBIT (now MARA 8C, BMNR 22.5C, IBIT 46C, about $4k a week at the bid), skip earnings weeks, close the next Friday with a penny buyback if out of the money. Book basis $5k a month after the book haircut and commissions: MARA + BMNR $2k and IBIT $2k, the two crypto lines in Portfolio Reset's Total Income.
They are a buffer, not free money. With no view they are about break-even (-$12k expected to end-2027); in a falling year like the last one they made +$101k; on the rally paths (IDEAL for MARA / BMNR, BTC doubling for IBIT) they cost about $177k typical, against the calls' own +$2.75M there. Pause them once the rally is under way.

P&L curve: MARA + BMNR

The MARA and BMNR legs' P&L (value minus what was paid: $203k before the add, the add priced as the 40C by Jun '27 above BMNR $30) at each paired step of the CRYPTO page's tandem ladder (MARA on top, the BMNR price expected at about the same time underneath; the marked pairs are orange). Three clocks: at expiry, if the pair is reached on 31 Dec 2027, and if it were reached today (full time value left). Each leg at its 30 Oct implied vol, held still. The red line is the Max Loss after that add: the curve can never go below it.

At expiry (Dec '28 / Jan '29)If reached by 31 Dec 2027If reached today

Price detail in tandem

500 MARA + 250 BMNR, 250 more at BMNR $30

$203K paid now = the Max Loss until the add. Below BMNR $30 only the 250 are held. From $30 up the add is bought, priced here as the 40C with BMNR at $30 on each date, 74% volatility held; a higher strike costs less and pays less. TOTAL is what the calls are worth; each P&L row is that TOTAL less what was paid, so never add the two.

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	$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	$1.0M	$1.5M	$2.2M	$3.2M	$4.2M	$5.2M	$6.5M	$8.0M	$9.2M	$12.5M	$15.5M	$18.5M	$21.8M
P&L at expiry = TOTAL − $423K paid (add by Jun '27)	-$203K	-$423K	-$423K	-$173K	+$577K	+$1.1M	+$1.8M	+$2.8M	+$3.8M	+$4.8M	+$6.1M	+$7.6M	+$8.8M	+$12.1M	+$15.1M	+$18.1M	+$21.3M
P&L = TOTAL − $475K paid (add by Dec '26)	-$203K	-$475K	-$475K	-$225K	+$525K	+$1.0M	+$1.8M	+$2.8M	+$3.8M	+$4.8M	+$6.0M	+$7.5M	+$8.8M	+$12.0M	+$15.0M	+$18.0M	+$21.3M
P&L = TOTAL − $368K paid (add by Dec '27)	-$203K	-$368K	-$368K	-$118K	+$632K	+$1.1M	+$1.9M	+$2.9M	+$3.9M	+$4.9M	+$6.1M	+$7.6M	+$8.9M	+$12.1M	+$15.1M	+$18.1M	+$21.4M
P&L if reached by end-2027, add by Jun '27	-$68K	+$37K	+$308K	+$800K	+$1.4M	+$1.8M	+$2.4M	+$3.3M	+$4.2M	+$5.1M	+$6.3M	+$7.8M	+$9.0M	+$12.2M	+$15.2M	+$18.2M	+$21.5M
P&L if all 500 + 500 bought now ($340K paid)	-$340K	-$340K	-$340K	-$90K	+$660K	+$1.2M	+$1.9M	+$2.9M	+$3.9M	+$4.9M	+$6.2M	+$7.7M	+$8.9M	+$12.2M	+$15.2M	+$18.2M	+$21.4M
Current book TOTAL: compare with the TOTAL row	$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

500 MARA + 250 BMNR, never adding

$203K paid = the Max Loss at every price, and it never rises. Every $1 on BMNR above $40 adds $25k instead of $50k. 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	$125K	$375K	$500K	$750K	$1.0M	$1.2M	$1.5M	$1.9M	$2.4M	$2.8M	$3.8M	$4.6M	$5.5M	$6.5M
TOTAL (MARA + BMNR)	$0	$0	$0	$125K	$625K	$1.0M	$1.5M	$2.2M	$3.0M	$3.8M	$4.6M	$5.6M	$6.5M	$8.8M	$10.9M	$13.0M	$15.2M
P&L at expiry = TOTAL − $203K paid	-$203K	-$203K	-$203K	-$78K	+$422K	+$797K	+$1.3M	+$2.0M	+$2.8M	+$3.5M	+$4.4M	+$5.4M	+$6.3M	+$8.5M	+$10.7M	+$12.8M	+$15.0M
P&L if reached by end-2027	-$68K	+$97K	+$298K	+$623K	+$994K	+$1.3M	+$1.7M	+$2.4M	+$3.1M	+$3.8M	+$4.6M	+$5.6M	+$6.4M	+$8.7M	+$10.8M	+$12.9M	+$15.1M
P&L if all 500 + 500 bought now ($340K paid)	-$340K	-$340K	-$340K	-$90K	+$660K	+$1.2M	+$1.9M	+$2.9M	+$3.9M	+$4.9M	+$6.2M	+$7.7M	+$8.9M	+$12.2M	+$15.2M	+$18.2M	+$21.4M
Current book TOTAL: compare with the TOTAL row	$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

IBIT leg: P&L curve against BTC

300x IBIT Dec '28 90C, $125k paid, on its own BTC ladder (IBIT does not follow the MARA / BMNR pairs; the marked levels are the Portfolio Reset's $200k / $300k / $400k / $600k). IBIT = BTC x 0.000565 shares-per-BTC, shrinking 0.25% a year for the fee. Same three clocks, 30 Oct implied vol 47% held still. This curve leaves out the interest on the $643k freed (about $46k to expiry), which the table below includes.

At expiry (15 Dec '28)If reached by 31 Dec 2027If reached today

	BTC $200k (2.6x)	BTC $300k (3.9x)	BTC $400k (5.2x)	BTC $600k (7.8x)
IBIT calls at expiry, after interest on the freed cash	+$594k	+$2.28M	+$3.97M	+$7.34M
Holding the 10 BTC instead	+$1.23M	+$2.23M	+$3.23M	+$5.23M

P&L against today: calls = value at 15 Dec 2028 minus the $125k paid plus $46k of interest on the $643k kept as cash. Below BTC about $160,140 the calls expire worthless; they break even at about $164,791. Holding the BTC does better up to about $295,000, the calls above it. That is the trade: the freed cash back, in exchange for the gain between today and there. The Convexity tab of the Portfolio Reset has every strike compared.

The 25% weekly calls

The CRYPTO_SLEEVE weekly model (weekly_income.py: Friday 0.20-delta weeklies at the 2026-10-30 bids, 61 weeks to 31 Dec 2027, 4,000 paths each, strike and premium kept at today's ratios to spot), on 125 MARA, 62 BMNR and 75 IBIT (the Portfolio Reset's cvx_buffer.py, the same rule).

Name	Spot	Covered	Weekly (Nov 6 '26)	Bid / ask	Delta	Out of the money	Implied vol	Last 12 months realized	Per week	Weeks sold to end-2027	Next earnings
MARA	$6.77	125	8C	$0.08 / $0.10	0.18	18%	115%	85%	$1k	56 of 61	2026-11-04
BMNR	$20.15	62	22.5C	$0.19 / $0.21	0.18	12%	79%	76%	$1k	56 of 61	2026-11-20
IBIT	$43.36	75	46C	$0.23 / $0.25	0.18	6%	43%	47%	$2k	61 of 61	none

Income and its cost

	MARA + BMNR	IBIT	Whole sleeve	What it means
Premium at the bid, per month	$9k	$8k	$17k	before earnings weeks are skipped
Book basis, per month	$2k	$2k	$5k	gross on the weeks sold x your trade-tape keep and the INCOME_BOOK ratio (37%), less commissions ($730 + $319)
Ceiling to end-2027	$122k	$105k	$227k	every call sold expires worthless
Last 12 months, real path	+$84k	+$17k	+$101k	MARA $18 to $7, BMNR $47 to $20, IBIT down 30%: a falling year, the best case for selling calls
No view, to end-2027 (typical / expected)	+$4k / -$15k	+$11k / +$3k	+$15k / -$12k	about break-even: the premium pays for the rally weeks
No view at last year's vol, expected	+$31k	-$31k	+$0k	MARA realized 85% vs 115% implied (a volatility premium); IBIT 47% vs 43% (none)
Prices halve (typical / expected)	+$5k / -$12k	+$25k / +$21k	+$30k / +$9k	a small cushion, not a hedge
Rally path (typical / expected)	-$125k / -$320k	-$52k / -$75k	-$177k / -$395k	MARA / BMNR: IDEAL ($40 / $70 by end-2027), 1-in-10 bad -$840k; IBIT: BTC doubles by end-2027, 1-in-10 bad -$205k
One rally week (+25% / +50% / +100%)	+$7k / -$15k / -$51k	-$33k / -$78k / -$146k	-$26k / -$93k / -$197k	the short calls' loss net of the long calls' gain that week, every name at once

Typical = the median path, expected = the average over paths, 1-in-10 bad = the 10th percentile; a typical of the sum is each name's typical added, an approximation. The real-path year kept 78% of the MARA / BMNR premium sold; the book basis assumes 37% for all three.

The sleeve with and without the calls, by end-2027

Path to 31 Dec 2027	Sleeve P&L (calls' value left − cost)	Weekly calls typical	Sleeve + calls typical	Weekly calls expected	Sleeve + calls expected	Weekly calls 1-in-10 bad
Prices halve	-$196k	+$5k	-$192k	-$12k	-$208k	-$79k
Prices flat	-$132k	+$4k	-$128k	-$15k	-$147k	-$86k
IDEAL: MARA $40 / BMNR $70 by end-2027	+$2.40M	-$125k	+$2.27M	-$320k	+$2.08M	-$840k
IBIT: BTC halves	-$124k	+$25k	-$99k	+$21k	-$103k	-$11k
IBIT: BTC flat	-$100k	+$11k	-$89k	+$3k	-$97k	-$52k
IBIT: BTC doubles by end-2027	+$349k	-$52k	+$297k	-$75k	+$274k	-$205k

Sleeve P&L = the two calls' model value on 31 Dec 2027 at that price (time value left, vol held still) minus the cost. Weekly calls = the whole program over the same 61 weeks on paths whose median lands there. The IBIT rows are the IBIT calls and their 75 weeklies alone, without the interest on the freed cash.

Before any ticket

Re-price in US market hours: these are last-close CBOE quotes. Build each leg in clips with limits near the mid; 500 MARA is 6% and 250 BMNR 4% of open interest.
MARA reports 2026-11-04 (no MARA weekly that week), BMNR 2026-11-20. Both are skipped every 13 weeks after that. IBIT has no earnings.
IBIT: sell the 10 BTC and buy the calls in the same session, so you are never out of BTC on a jump. 300 contracts is 0.7% of the 90C's open interest; IBIT lists weeklies every day, so the 75 weeklies can start on the first Friday.
Every order is yours, in TWS or the Desk. Re-run: cd _md_files/portfolio/2026-10-30_crypto_sleeve && python3 gen_sleeve.py, then deploy_cf.sh.