Jordan Wrong

@scaryghostboo_ im assuming those beers crushed you. #whereIsGhost?

$CAEP time to crush 10 beers and do some due diligence I guess

@joe_fish34 @Alpha_Ex_LLC bro vol is flat! i sold so many this morning. Pushing 16k vega right now

@jordanwrong1 @Alpha_Ex_LLC How'd your strangle do this morning? VXSLV down 14 pts right now.

stock up vol up ends in stock down vol down...gold edition

im in the 70/185 strangles. Your vega is pretty stable in a wide range (especially to the upside). No need to adjust strikes. If it really runs away from you, you'd have to adjust. FWIW im only in the puts because the delta < vega exposure at those strikes. So they have been rallying with spot

@Alpha_Ex_LLC @jordanwrong1 How would you go about selling 1Y vol? Just a basic straddle? Im assuming, depending on how SLV trades, you'd have to keep readjusting the strikes throughout the year? Just wondering.

@Alpha_Ex_LLC also intraday vol on the d30 call Sep serial. Up 4 vegas!

Really interested to see what goes down faster Silver spot or Silver vega. What do you guys think?

I think we can all agree this is absolutely wild. I cant recall if BTC long dated vol ever got to these levels. My september OTM options have completely lost their gamma. Wow

My -10k Silver vega starting to feel like -50k... Considering the spot/vol correlation, it feels like (hopefully) the pull back is near...

on second thought, likely an over the weekend premium getting priced in here.

Silver down and vol up??? Thats a weird data point today. Added to short vega (sep) against delta

@_elliot_johnson @BTCTreasuryCorp This bid/ask is nuts

As we close out 2025, I’m proud of the progress the @BTCTreasuryCorp team has made since our TSX Venture Exchange listing in June. Over the past six months, we’ve focused on building an institutional-grade Bitcoin treasury platform, anchored by disciplined execution and long-term thinking. Key milestones this year included: · Acquiring 771.37 Bitcoin · Obtaining FINTRAC MSB registration · Launching our institutional Bitcoin lending business · Securing a $300M short-form base shelf prospectus · Announcing our intention to initiate a Normal Course Issuer Bid We also outlined our Bitcoin price risk management program. This strategy is not about predicting price. It is about prudently harvesting volatility, selectively entering into options contracts during periods of elevated volatility, with the goal of generating incremental Bitcoin and compounding Bitcoin per Share over time. As Bitcoin adoption continues to accelerate among institutions, corporations, and governments, we believe treasury companies will increasingly be judged not only on how much Bitcoin they hold, but on how effectively they grow Bitcoin per Share through both internal operations and disciplined capital management. Our focus remains long-term value creation, balance-sheet strength, and professionalism. You can read our full 2025 Milestones and Long-Term Growth Vision press release here: btctcorp.com/bitcoin-treasu…

Not huge but also short naked Vega always causes me extra basis points in mental health. Short 6k Vega (Sep) against 2k delta (as of Friday). Let’s see.

@Alpha_Ex_LLC Nice post dean. I think the trade here is short Vega long Delta. Even the d20 puts > 6M out are barely moving on this rally. Check out the 50 strike Sep18 puts. They closed 2.8/2.9, down only 25 cents on a $12 SLV rally over the past 5 days. What do you think?

Not only has silver and silver vol gone parabolic...the ratio of silver to gold vol is essentially at an ATH. Some may recall the brief but intense run that wallstreetbets took at silver in Feb'21 the aftermath of GME. That pumped the vol up massively in silver and it soon deflated. Currently, one year 50% OTM calls on the $SLV carry an implied vol of 56. That's more than double the same strike vol in $GLD... chart below. it means you could sell one SLV 150% strike call and buy 3 GLD 125% calls for even money. that would leave you short 35 delta on SLV but long 75 delta (25x3) on the GLD...If you believe that there's an asset class/risk factor called "precious metals vol" and that gold and silver are correlated in both price and implied vol, this trade could be pretty interesting. You are struck much lower on the GLD side and because you have 3x the units, you are net long metals and metal vol.

took the words out of my mouth. Pay down the debt, generate yield, possibly convert to etf. Use proceeds to buy back shares when at a discount or buy btc opportunistically. Looks like options market starting to understand the risk to the downside here. @BTCTreasuryCorp can avoid losses that they cant come back from if they take action now

Max out the NCIB starting Jan 6 to help scare away the bears write covered calls on BTC to generate yield, more than enough to fund share buybacks and fund operations (recall: no salaries) Lend out all their BTC, provided it can be called on demand if covered calls are assigned And tell the story, engage/build a community Management is high quality, high integrity. If BTC recovers they can be well positioned here

@_elliot_johnson @BTCTreasuryCorp Scary to think if BTC drops below 35k USD, the company wont have enough capital to pay off their debt. Considering many other treasury company's are likely in a similar scenario, can the company take measures to avoid this? Im not sure why this company even needs debt. Even worse that the debt is making 80% of the BTC held unusable. There needs to be some restructuring here before BTCT goes belly up.

@theobservoor @_elliot_johnson @BTCTreasuryCorp Side note I am forced to buy some btc puts until management addresses the business risks and growth projection properly

@BTCTreasuryCorp This is great news :)

Bitcoin Treasury Corporation Announces Intention to Commence Normal Course Issuer Bid btctcorp.com/bitcoin-treasu…