CRCL wheel: cash-secured put & covered-call yields
Circle Internet Group, Inc. · Financials · $63.82 close on Nov 12, 2026
What the Nov 12, 2026 close says about CRCL
At 74.7% implied volatility, the options market is pricing a one-standard-deviation move of about $14.98 (23.5%) in CRCL by Dec 18, 2026, 36 days out.
Selling the $60 put (−0.34Δ) for $3.85 means assignment would leave a cost basis of $56.15, 12.0% below the $63.82 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.107 vs $0.084).
At 0.30Δ on the Dec 18 expiry the put yields 6.42% on its strike and the call 3.64% on spot: puts pay 1.8× what calls do on CRCL this session.
Moving down to the $55 put (−0.21Δ) buys 7.8% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 74,554 contracts; the largest single line is the $60 put expiring Jan 15 with 8,915 (12.0% of the window).
By options volume CRCL ranks #85 of 679 names in our universe.
Near-the-money options volume (1.2k) is 48% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on CRCL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | −0.34 | $3.85 Nov 12 | $385.00 | $6,000 | 6.42% | 65.1% | $56.15 | 6,452 | 552 |
| 0.20Δ | $55 | −0.21 | $2.09 Nov 12 | $209.00 | $5,500 | 3.80% | 38.5% | $52.91 | 4,327 | 365 |
Snapshot #9344 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | −0.35 | $5.35 Nov 12 | $535.00 | $6,000 | 8.92% | 50.9% | $54.65 | 8,915 | 64 |
| 0.20Δ | $50 | −0.16 | $1.87 Nov 12 | $187.00 | $5,000 | 3.74% | 21.3% | $48.13 | 3,423 | 34 |
Snapshot #9344 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CRCL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | 0.28 | $2.32 Nov 12 | $232.00 | 3.64% | 36.9% | 21.15% | 214.5% | 1,356 | 435 |
| 0.20Δ | $80 | 0.20 | $1.40 Nov 12 | $140.00 | 2.19% | 22.2% | 27.55% | 279.3% | 6,334 | 318 |
Snapshot #9344 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $80 | 0.28 | $2.87 Nov 12 | $287.00 | 4.50% | 25.6% | 29.85% | 170.2% | 3,451 | 238 |
| 0.20Δ | $85 | 0.22 | $2.05 Nov 12 | $205.00 | 3.21% | 18.3% | 36.40% | 207.6% | 1,322 | 162 |
Snapshot #9344 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CRCL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 74.7%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 74,554 contractssession 2026-11-12
- Largest open-interest line
- $60 put · Jan 15 · 8,915
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #85 of 679 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (34 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.