I’ve been selling covered calls on some of my ibit positions. I’ve been using the premiums to buy more bitcoin or rebalance my portfolio.
I’m going to get assigned today for the first time. Only about 30 cents above my strike price rn so still a decent win with a 1.2$ premium collected
Plan to buy some cash secured puts at the same strike at market open tomorrow probably around 21DTE
Biggest downside is big upwards movements can wipe out weeks or maybe even months of premiums. And if bitcoin goes the opposite way I’m happy just stacking more at a cheaper price while slowing down the options trading.
To hedge this strategy I bought some leaps when bitcoin was most recently at 62k which will expire dec of this year. I also leave a nest egg of bitcoin that i only contribute to and will never sell.
Happy to hear everyone’s thoughts, questions, tips etc
submitted by /u/Relevant_Fox_9708
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