Investors in Galaxy Digital Inc (GLXY) can now engage in new options trading set to expire on March 6, 2024. Notably, a put contract at the $26.50 strike price is currently bid at 96 cents. Selling to open this put would allow investors to purchase shares at $26.50, effectively lowering their cost basis to $25.54, compared to today’s price of $31.11, representing a potential 15% discount.
On the call side, a $34.00 strike price contract has a current bid of $1.57. If an investor buys shares at $31.11 and sells this call, they could see a total return of 14.34% if the stock is called away at expiration. The likelihood of this call expiring worthless is approximately 51%. Implied volatility for the put stands at 88%, while the call’s implied volatility is 94%.
