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WULF

TeraWulf Inc.Close $26.06EOD only
Max Pain
$18.00
Next expiry Jun 18, 2026
Expected Move
±$2.49
9.5% from close
Price Gap
-8.06
Distance to max pain
IV Rank
65
High premium
P/C OI
0.38
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 12, 2026 close
End-of-day snapshot

This page reflects WULF options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 12, 2026 close
WULF Earnings Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Earnings Verdict

WULF strong bullish flow, gamma pinning near $24. Earnings 55d out; low beat rate 40%. IV elevated, crush expected post-earnings.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 8.6% from MP; +1 VIX 18
Most important: Unusual 2027 $41C call buying suggests long-term bullish bets; near-term pinning at $24 supported by low put/call ratios.
🟢Record call buying in 2027 $41C signals institutional bullish sentiment.
🔴Low historical beat rate (40%) raises caution for earnings.
🟡Gamma pinning near $24 may create short-term range.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above

Earnings Overview

Next earnings: 2026-08-06 (55 days)explicit

Expected moves:

  • 2026-06-18 (6d): ±$2.48 (9.5%)
  • 2026-06-26 (14d): ±$3.93 (15.1%)
  • 2026-07-02 (20d): ±$4.82 (18.5%)

IV Setup

Term structure: Elevated across tenors; front-end IV high due to event uncertainty, back-end supported by long-dated call demand.

Crush estimate: Significant IV crush expected post-earnings (Aug 6); near-term events may cause contraction.

Skew: Put skew elevated on weekly expirations; call skew flat to positive on long-dated strikes.

Historical Context

Beat rate: 40% (2/5 quarters)

Avg move vs expected: Historically moves have been wider than implied at times; beat rate low.

Directional bias: No strong directional bias; mixed historical results.

Key Levels

1EM guardrails: 1w $23.57/$28.54
2Max pain pins: $24 (2026-06-12); $18 (2026-06-18); $24 (2026-06-26)

Flow Highlights

1627 contracts of WULF 2027-01-15 $41C traded (OI 153, vol/OI 10.6, IV 97.3%).

Large long-term bullish bet anticipating price appreciation beyond current resistance.

5239 contracts of WULF 2026-06-26 $25P traded (OI 1013, vol/OI 5.2, IV 93.8%).

Bearish positioning or hedging ahead of earnings, though earnings is far out.

Strategies

Iron Condor
Sell 2026-06-18 $24.00/$23.50 put wing and $27.00/$27.50 call wing
Credit: $0.25-$0.31
Max loss: $0.19
Max gain: $0.31
BE: 23.69 / 27.31
Trigger: Manage wings if stock breaks $23.50 or $27.50.
Sells high IV, profits from range-bound pinning near $24 with defined risk.
Outperforms: Neutral strategy exploiting elevated IV and max pain pinning.
Underperforms: Move outside short strikes invalidates range thesis.
Put Calendar
Sell 2026-06-18 $24.00 put / buy 2026-06-26 $24.00 put
Debit: $0.57-$0.69
Max loss: $0.69
Max gain: Variable
BE: Path-dependent
Trigger: Adjust if $24 breaks.
Skew and front-month IV support selling puts at $24 pin.
Outperforms: Captures premium decay and pinning; limited downside.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bull Call Spread
Buy 2026-08-21 $25.00/$30.00 call spread
Debit: $1.73-$2.12
Max loss: $2.12
Max gain: $2.88
BE: $27.12
Trigger: Let run to expiration; exit if below $24.
Unusual long-term call buying suggests upside potential.
Outperforms: Defined-risk bullish bet on long-term momentum.
Underperforms: Loss of support weakens upside continuation thesis.
Call calendar
Sell 2026-06-18 $27.00 call / buy 2026-06-26 $27.00 call
Debit: $0.62-$0.75
Max loss: $0.75
Max gain: Variable
BE: Path-dependent
Elevated front-end IV relative to back-month; low directional bias supports calendar at max pain.
Outperforms: Sell rich near-term IV on $24 call, buy back-month to capture term structure decay ahead of earnings.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High IV environment increases premium decay risk for long positions.
!Earnings 55 days out introduces binary event risk with low beat rate.
!Gamma pinning at $24 may cap short-term moves.
!Unusual flow may signal large institutional positioning shifts.

What to Watch

?$24 max pain pinning effectiveness.
?Follow-up volume in 2027 $41C call.
?Put flow in June 26 $25P for bearish conviction.
?IV crush potential after any event.
How to Use These Reports
This earnings reflects the market close on June 12, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.