T'was the night of Xmas 2025 when I formulated this plan: Use the high IV on $BMNR options to fund the long-term accumulation of shares.

**The Setup:** The goal is to keep the "Wheel" spinning to preserve capital while funneling 100% of the premium into buying more shares. I felt $BMNR was in a perfect entry range for this.

**Initial Entry:** 600 shares @ $28.42 (Cost basis: \~$17,052).

**The Strategy:** Selling Covered Calls in two tranches. Upon assignment, I switch to Cash Secured Puts (CSPs) in three tranches at 30, 20, and 10 deltas. Rinse and repeat.

**Jan 2026 Results:**

**Shares**

* \# of Shares: 45
* Average Price: 29.33
* Market Value: 1129.5 (As of Jan 30 close)
* Value Growth: (190.45)
* Price Return: -10.80%

**Capital**

* Initial: 17,055.27
* Current: 17,700.00
* Change: 644.73
* Change%: 3.78%
* Deployed (Current): (17,000.00)
* Balance: 700.00

**Premiums**

* Realized: 1,763.61
* Unrealized: 0.00
* Total: 1,763.61
* Deployed: 1,319.95
* Balance: 443.66

**Cash**

* Balance on Hand: 1,088.39

**The Current State:** So far, the high IV has been a gift. Even with the volatile price action, the 30-20-10 delta spread on the CSPs has kept my capital moving without getting stuck, until now.

With this week's crash, I am heading into February fully assigned. My capital is now entirely back in shares, though I’ve managed to retain a $700 premium buffer from the January wheeling.

Also, on Monday open, I expect to accumulate 16-17 shares with the $443 realized premiums.

**Track my progress:** You can find my full spreadsheet and trade history here: [https://docs.google.com/spreadsheets/d/14aiLwyTzgX2o2HSyZOocLIdyZtyWs7eyBoN9Aptdp14/edit?usp=sharing](https://docs.google.com/spreadsheets/d/14aiLwyTzgX2o2HSyZOocLIdyZtyWs7eyBoN9Aptdp14/edit?usp=sharing)

Please let me know if you’d like to follow this experiment throughout the year. If there's interest, I’ll post monthly updates on the accumulation progress!

Funding my $BMNR position for "free": 1-month results of the IV-funded Wheel