CRCL wheel: cash-secured put & covered-call yields
Circle Internet Group, Inc. · Financials · $85.80 close on Sep 28, 2026
What the Sep 28, 2026 close says about CRCL
At 64.5% implied volatility, the options market is pricing a one-standard-deviation move of about $16.40 (19.1%) in CRCL by Oct 30, 2026, 32 days out.
Selling the $79 put (−0.30Δ) for $3.53 means assignment would leave a cost basis of $75.47, 12.0% below the $85.80 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.110 vs $0.073).
At 0.30Δ on the Oct 30 expiry the put yields 4.47% on its strike and the call 3.74% on spot: puts pay 1.2× what calls do on CRCL this session.
Moving down to the $75 put (−0.22Δ) buys 4.7% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 56,067 contracts; the largest single line is the $75 put expiring Dec 18 with 7,883 (14.1% of the window).
By options volume CRCL ranks #100 of 441 names in our universe.
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 | $79 | −0.30 | $3.53 Sep 28 | $353.00 | $7,900 | 4.47% | 51.0% | $75.47 | 28 | 3 |
| 0.20Δ | $75 | −0.22 | $2.13 Sep 28 | $213.00 | $7,500 | 2.84% | 32.4% | $72.87 | 441 | 111 |
Snapshot #97 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | −0.28 | $5.90 Sep 28 | $590.00 | $7,500 | 7.87% | 35.4% | $69.10 | 7,883 | 40 |
| 0.20Δ | $70 | −0.22 | $4.20 Sep 28 | $420.00 | $7,000 | 6.00% | 27.0% | $65.80 | 1,964 | 170 |
Snapshot #97 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CRCL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $100 | 0.29 | $3.21 Sep 28 | $321.00 | 3.74% | 42.7% | 20.29% | 231.4% | 440 | 294 |
| 0.20Δ | $110 | 0.17 | $1.50 Sep 28 | $150.00 | 1.75% | 19.9% | 29.95% | 341.7% | 214 | 29 |
Snapshot #97 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $110 | 0.31 | $5.15 Sep 28 | $515.00 | 6.00% | 27.0% | 34.21% | 154.1% | 2,426 | 12 |
| 0.20Δ | $125 | 0.20 | $3.52 Sep 28 | $352.00 | 4.10% | 18.5% | 49.79% | 224.4% | 2,347 | 64 |
Snapshot #97 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CRCL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 64.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 56,067 contractssession 2026-09-28
- Largest open-interest line
- $75 put · Dec 18 · 7,883
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #100 of 441 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 (1 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.