Mystery Bet Before SEC Crypto Crackdown May Mint Trader Millions

ETJ

ETJ

Mystery Bet Before SEC Crypto Crackdown May Mint Trader Millions; Block of Coinbase put options traded minutes before SEC filing; Trade could have minted a windfall of $2.6 million in 24 hours
Matt Turner and David Marino - Bloomberg
Less than a half hour before US regulators cracked down on a key crypto exchange, an options trader made a short-term bet against Coinbase Global Inc. that may have netted them millions of dollars. At 10:36 a.m. on Monday, a block of 4,806 contracts of Coinbase $50 puts expiring Friday hit the tape, when the stock was at $61.77.
/jlne.ws/43MZjOP
 
The funny thing, is I had just shorted the 55-PUT before that... and I knew the SEC was coming. Now I'm ITM but have all the way until almost 2026 to recover. As long as CoinBase still exists by then, I'm not too worried. :sneaky:

It's too bad all the paper-hands mostly left the scene after FTX imploded. I would have loved to see another explosion in vol here. :fistbump: Oh well, can't have your cake and eat it too I suppose....
 
Now it at $51, did the trade make some cash?

I had 10 short puts expiring tomorrow, a cash cow for me. But the risk I think it is too high now, don’t want to touch it.
 
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mervyn said:
Now it at $51, did the trade make some cash?

I had 10 short puts expiring tomorrow, a cash cow for me. But the risk I think it is too high now, don’t want to touch it.
More...


alright, juicy premiums pocketed, not a bad 3 days.
 
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