Whereas Riot Blockchain Inc (NASDAQ:RIOT) is taking a breather throughout as we speak’s buying and selling, the fairness, together with different cryptocurrency and blockchain-related names, has surged on the again of Bitcoin’s highly-publicized rally within the final 12 months. Now, as this win streak cools, the cryptocurrency is taking RIOT with it, although not earlier than attracting the eye of the choices market.
That is evidenced by RIOT’s place on Schaeffer’s Senior Quantitative Analyst Rocky White’s checklist of shares with the very best possibility quantity over the previous 10 days. Names highlighted in yellow are new to the checklist, together with RIOT. In keeping with this information, 468,238 calls and 237,513 places have been exchanged within the final two weeks. Hottest throughout this time interval have been the February 70 name and the weekly 2/12 40-strike name.
Throughout as we speak’s buying and selling, nonetheless, places are gaining on calls with 88,000 of the previous and 93,000 of the latter exchanged. The most well-liked are the week 2/26 55- and 60-strike places, with positions being opened at each.
The latest uptick in name buying and selling is uncommon, per RIOT’s 50-day name/put quantity ratio of two.34 on the Securities Alternate (ISE), Cboe Choices Alternate (CBOE), and NASDAQ OMX PHLX (PHLX), which sits within the 79th percentile in its annual vary.
Circling again to RIOT’s latest surge — and subsequent collapse — on the charts, the fairness simply climbed to a nine-year excessive of $79.50 on Feb. 17 after bouncing off its 30-day shifting common. Whereas this stage has proved elusive since then, and ultimately test the inventory is down 7.1% at $66.26, it nonetheless boats a year-to-date lead of 289.1%.