IBIT Covered Call
Every out-of-the-money IBIT call expiring Sep 30, 2026, priced from the settled chain: what it pays, what it yields, and where the trade stops making money. The richest right now is the $44.50 strike at 1.6% over 13 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
IBIT covered call candidates — Sep 30, 2026, 13 days out
Strikes are picked by distance from the $43.04 share price, not by delta — the published chain carries premiums and open interest, not greeks, and inventing a delta here would be inventing data. Premium is the bid/ask midpoint where both sides quote, otherwise the last trade. The chain artifact publishes the six nearest expirations, so this is the longest one listed — 13 days out. Annualising anything shorter than a week says more about compounding arithmetic than about the trade, so those cells stay blank.
| Strike | % OTM | Premium | Yield | Annualised | Break-even | If assigned | OI |
|---|---|---|---|---|---|---|---|
| $44.50 | 3.4% | $0.71 | 1.6% | 46.0% | $42.34 | 5.0% | 0 |
| $45.00 | 4.6% | $0.56 | 1.3% | 36.5% | $42.48 | 5.9% | 46 |
| $47.50 | 10.4% | $0.18 | 0.4% | 11.4% | $42.87 | 10.8% | 0 |
What the $44.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $43.04. Profit caps at $216.50 if IBIT finishes above $44.50; below $42.34 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $32.28 | $-10.05 | $-1,005.50 |
| $34.97 | $-7.37 | $-736.50 |
| $37.66 | $-4.68 | $-467.50 |
| $40.35 | $-1.98 | $-198.50 |
| $43.04 | +$0.71 | +$70.50 |
| $45.73 | +$2.17 | +$216.50 |
| $48.42 | +$2.17 | +$216.50 |
| $51.11 | +$2.17 | +$216.50 |
| $53.80 | +$2.17 | +$216.50 |
When a covered call fits IBIT
A covered call sells someone else the right to buy your shares at the strike. It pays you today and caps your upside there, so it suits a holding you are content to own flat and content to sell at the strike — not one you expect to run.
The premium is compensation for implied volatility. Rich implied volatility pays more, and usually pays more because the market expects a move; a high annualised number on a name about to report earnings is a warning as often as an opportunity. Check the IBIT expected move and the open-interest walls before assuming the strike is far enough away.
Full mechanics, assignment and rolling are in the covered call guide; to model a different strike or a multi-leg version, open the profit calculator with IBIT loaded.
Questions
- What does a IBIT covered call pay right now?
- The $44.50 call expiring Sep 30, 2026 (13 days out) collects $0.71 per share, 1.6% of the $43.04 share price, or 46.0% annualised if you repeat it.
- What is the break-even on a IBIT covered call?
- Selling the $44.50 call against stock bought at $43.04 breaks even at $42.34 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if IBIT closes above the strike?
- The shares are called away at $44.50. Total return is 5.0%: the premium plus the move from $43.04 up to the strike. Gains above the strike belong to the buyer.
More on IBIT
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Educational, not investment advice. Options involve risk. Open interest is reported with a one-session lag by OCC, so these levels describe positioning as of the last settled session, not live intraday flow.