MSTR 70C 2028-06-16

Position P&L, marked to model

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MSTR spot

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from 140.274

Theoretical value

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against the 90.50 fill

No-arbitrage floor

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S − K·e^(−rT)

Data age

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waiting for first poll

Time to expiry

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Why the P&L moved

Measured from the fill, priced at the IV below

Spot

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Volatility

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Time decay

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Gamma + cross terms

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what the linear terms miss

Delta

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Gamma

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Vega, per vol point

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Theta, per day

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Implied volatility used for pricing

85.9%

at the entry mark

40%90%140%

MSTR implied vol usually compresses into a rally and expands on a selloff, so the realised curve on the way up sits below the modelled one at a fixed 85.9%. Drag the slider down as spot rises to see the honest version.

Reference levels

Priced at the current IV and the current time to expiry, not at expiry

Level	MSTR	Implied BTC	Option value	P&L	From spot

Payoff

Solid line is today's mark, dashed is expiry

Mark to model, current T and IV At expiry, 16 June 2028 Weekly EMA band, 169 to 183