BMNR Bull Put Credit Spread — 2026-08-21

BMNR (BitMine Immersion Technologies, Inc. Common Stock) shows bullish unusual options activity: $583K of buyer-initiated unusual call flow (100% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.2x on the 19 call. We fade this by SELLING premium on the other side: the trade profits from time decay as long as BMNR stays above $16 through expiration. IV rank is 16 (low) — rather than sell naked premium at this IV, this is defined as a bull put credit spread (short $16 / long $15.5) so max loss is capped. Sell the $16 / buy the $15.5 put bull put credit spread expiring 2026-08-21 (21 DTE) for a net credit of $0.17 ($17 per spread). Breakeven at $15.83; net delta 0.05.

Underlying: BMNR @ ~$18.08 | 2026-08-21 (21 DTE) | Net credit (entry): ~$17 per spread. Use limit orders at the mid or slightly better (a higher credit).

MAX LOSS: Capped at the strike width minus the credit — about $33 per spread (width $1, credit $17). Defined-risk, defined-reward: max gain is the $17 credit. | MANAGEMENT: This is a premium-selling trade — take profit at ~50% of the $17 credit rather than holding to expiration; roll or close if BMNR threatens the short strike. | IV RISK: IV rank is 16 — premium is thinner here, so the credit is smaller relative to the risk; this is defined as a spread for that reason. | ASSIGNMENT: You are short the $16 put; profit requires BMNR to finish above the $16 short strike. Watch for early assignment risk around ex-dividend dates (the long wing caps loss but you can still be assigned on the short leg). | TIMING: 21 DTE — sold in the sweet spot for theta decay. Close before expiration week to avoid pin/gamma risk near the short strike. | SECTOR: BMNR is in Other — avoid concentration with other open Other short-premium positions. | EXECUTION: Use limit orders at mid or slightly better (a higher credit) on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could gap the stock through the short strike.