My modest purchases of way out of the money option calls that expire in January 2027(aka LEAPS) are well in the money way ahead of schedule. So instead of expiring worthless I have an opportunity to own 1,100 shares of bitfarms at a strike price of $2.65 or sell the options for decent premium.

But my bullish thesis isn’t playing out the way I thought it would. I was hoping Bitfarms would catch a bid for the bitcoin it mines and how much they hold on their balance sheet instead they are getting sucked into the AI trade due to some of the strategic moves they made recently in favor of AI.

But I plan to keep deploying this strategy of finding way out and the money LEAP plays on Bitcoin companies until these equities are priced correctly by the public markets.

Also must keep in mind the liquidity for Bitfarms options is very very low. So the risk is even higher if you have a bag of these LEAPS and you are trying to unload them. The slippage alone will eat into your paper gains!