MARA acts as a leveraged Bitcoin play — when BTC moves 5%, MARA can move 10-20%. Options premium is among the richest in the market due to extreme IV.

MARA Options Characteristics

Avg Daily Volume

300K+ contracts

Typical Spread

$0.01-0.05

Typical IV Rank

60-95%

Expirations

Weekly, Monthly, Quarterly, LEAPS

Price Range

$15-30

Correlation

Very high correlation with Bitcoin and crypto markets

Best Strategies for MARA

Iron Condors (very wide)

Extreme premium from crypto-level IV

Bull Call Spreads

Bullish BTC thesis with capped risk

Put Spreads

Bearish crypto with defined risk

Calendar Spreads

Exploit massive IV term structure

Long Strangles

Capture Bitcoin-driven volatility events

Leveraged Bitcoin Play

MARA is effectively leveraged Bitcoin exposure through mining operations. Options IV regularly exceeds 100% annualized. Premium is extreme but so is the risk.

MARA Options FAQ

Why is MARA options IV so extreme?

MARA is leveraged to Bitcoin — when BTC moves 5%, MARA can move 15-20%. This creates some of the highest IV in the market (60-95% rank, often 100%+ annualized). Premium is rich but tail risk is massive.

How do I trade MARA options safely?

Only use defined-risk strategies. Never sell naked options. Position size to 0.5-1% of account per trade. Be aware that MARA can gap 20%+ overnight on Bitcoin moves. Iron condors with very wide wings are the safest premium-selling approach.