GLXY January 2026 Options Begin Trading

An options analysis for Galaxy Digital Inc. (GLXY), currently trading at $29.51, outlines two strategies for institutional investors. Selling a $28.00 strike put for a $2.50 premium offers a potential 8.93% return (65.18% annualized) if it expires worthless (66% probability), or an effective purchase price of $25.50 if assigned. Concurrently, a covered call using a $37.00 strike call for $0.75 premium could yield a 27.92% total return if GLXY is called away by January 2026, or an 18.55% annualized premium boost if the call expires worthless (64% probability), leveraging implied volatilities of 91% for puts and 97% for calls against a trailing 85% actual volatility.

Analysis

The article outlines two options strategies for Galaxy Digital Inc. (GLXY), currently trading at $29.51, offering distinct risk-reward profiles for institutional investors. Selling a $28.00 strike put for a $2.50 premium provides an effective purchase price of $25.50, representing a 13.6% discount to the current market price. This strategy offers an 8.93% return (65.18% annualized) if the put expires worthless, a scenario with a 66% probability.

Alternatively, a covered call strategy involves purchasing GLXY shares at $29.51 and selling a $37.00 strike call for $0.75, expiring January 2026. This could generate a 27.92% total return if shares are called away, or an 18.55% annualized premium boost if the call expires worthless, which has a 64% probability. The implied volatilities for the put and call are 91% and 97% respectively, both exceeding GLXY's trailing 12-month actual volatility of 85%.

Both strategies utilize out-of-the-money options, with the put strike at a 5% discount and the call strike at a 25% premium to the current price. The higher implied volatilities compared to historical volatility suggest options premiums may be elevated, potentially favoring options sellers. While the put offers a lower entry point, the covered call caps upside potential beyond the $37.00 strike.

Key Decisions for Investors

• Consider selling out-of-the-money puts on GLXY to establish a position at a lower cost basis or generate premium income, given the 66% probability of the $28.00 strike put expiring worthless and the attractive 65.18% annualized yield.
• Evaluate covered call strategies on existing GLXY holdings to enhance yield, noting the potential for a 27.92% total return if shares are called away at $37.00 by January 2026, but be aware of capped upside.
• Monitor GLXY's price action and implied volatility relative to its historical volatility (85%), as the current elevated implied volatilities (91% for puts, 97% for calls) may present favorable selling opportunities for options.