ATMBTC
Atletico De Madrid Fan Token / Bitcoin
crypto

I’m generally aligned with the BTC/NAV disconnect thesis, but I think the post-split structure is the key detail people may be missing. After the 1:250 reverse split, the current share count appears to be roughly **4.16M shares**, so if the BTC/digital assets remain held and unencumbered, each current share may represent a much larger pro rata claim than the market is pricing. Using the last verified March 31 balance sheet anchor, GDC showed about **$504M shareholder equity**, which would imply roughly **$121 book equity per current post-split share** before Q2 updates.
The concern I have is not that the BTC isn’t real — it appears very well documented. The concern is whether the market is anchoring valuation only to the damaged chart, dilution, and reverse split, rather than to what each remaining post-split share may represent. That matters a lot if there is a tender, buyout, merger, or going-private transaction. A premium to the current beaten-down trading price could look huge on a chart, but still be low compared with the pro rata asset claim if the BTC remains on the balance sheet. So for me the Q2 filing is decisive: BTC still held? any pledges/restrictions? actual ATM proceeds? updated liabilities? final share count? That filing should tell us whether the current market price is rational distress pricing or a serious NAV disconnect.

I have both Schwab and Fidelity.
I have Schwab’s checking account because I use Zelle once a month, Fidelity’s CMA does not have that feature and I wanted to step away from Chase as my primary checking account for reimbursed ATM fees.
That being said, I use Fidelity’s CMA as a HYSA emergency fund with FDLXX.
For my investment accounts I have my Roth in Fidelity and taxable in Schwab.
At the end of the day either institution would have serviced me just fine if I committed to one fully, but I’m fine with my current setup.

I think that's fair. The missing half is the P&L bridge.
The post measures where extrinsic disappears from a fixed strike. That is not the same thing as showing who made or lost money, because a short straddle can "collect" extrinsic while paying out intrinsic as spot moves.
The useful trader version would split it into buckets:
\- theta / calendar decay
\- vega / IV surface change
\- delta-gamma / spot path turning extrinsic into intrinsic
\- residual / mark and model noise
Without that split, the chart is still useful, but it is easy to overread it as "sell ATM because decay is faster." That is not what the data proves.

I did ATM and slightly OTM leaps on INTC last year when it crashed. Now I use debit spreads because the premiums are expensive on them.

We appreciate you writing your first OP to share your experience with us here on the sub.
I get that you want to understand the requirements for opening a credit card with us, and it's great that you want to start building your credit history. Elan Financial Services is the creditor and issuer of the Fidelity Rewards Visa Signature Card. They would be the best resource for learning more about your application and any questions about the credit requirements. You can reach them using the contact link below and selecting the "ATM/debit and Credit cards" drop-down.
[Contact Us](https://www.fidelity.com/customer-service/phone-numbers/overview)
If you want to discuss experiences with other folks here in the sub, I will also mark your post as a discussion to highlight that.
Feel free to reach out any time with anything else that comes up.

Not very good in trading options, but can you extrapolate that writing a covered Call 45 days to expire, at Delta 25 will have still extinsic value of 57% 21 days to expiry, but cause it ATM will have 29% at 21 days to expirey. Also, can you assume it applies to other stock indexes and Stocks also?

Buy ATM put option in nifty tomorrow after 2.30 pm

Thinking you 'own' Bitcoin that is on an exchange... is a lot like thinking you own the cash in the ATM because your balance says it's there.
Some are wise to this. Some are lazy about it. Some are simply oblivious to it.
It behooves the average person to understand where they sit on that spectrum and if they're ok with it.

Hello all!
I have three main taxable Fidelity accounts I've been using to great effect for the last couple of years:
1) CMA for standard checking-like duties, in/out hub for all money coming to and from Fidelity
2) Brokerage account holding emergency fund in SGOV. I chose a standard Brokerage over a second CMA just because I didn't need the ATM reimbursement, Cash Manager or other features on this account.
3) Second standard Brokerage account holding equities and options (primarily for psychological separation from my liquid cash savings)
The question I have is as follows. Until recently I held the emergency fund in FDLXX and in the rare occasion I had to dip into it, I enjoyed the instant liquidity that Fidelity offers on their money market funds. It was as simple as initiating a transfer to the CMA and it would land over there as SPAXX, instantly usable with no delay. I switched the emergency fund to SGOV as interest rates fell just to capture a little bit more interest, but ideally I would like to ensure that the money is instantly available if I ever need it immediately (like last year, I wanted to hop on a great deal for a private vehicle sale and took out $10k in cash same-day by wire to my brick and mortar bank.)
Naturally my first idea was to enable margin on the second brokerage account, and then presumably after the position auto-journals into margin I should be able to borrow against it for instant "withdrawal" and pay a few bucks for the 24-48h of interest should the need ever arise. The problem is that I discovered you cannot have margin enabled on two "identically registered" brokerage accounts, and account #3 already has options + margin set up, so that stopped me in my tracks.
I could just cancel account #2 altogether and hold SGOV in account #3, but I really like the mental separation between "cash-equivalent savings" and "taxable equities investments" and having two accounts gives me that.
So I guess what I'm asking is... in the event of "I need cash now for an unexpected purchase that exceeds my CMA balance" or god forbid an actual emergency situation, is there any way to borrow against SGOV holdings in a cash account or would it need to be held in margin? Most everyday situations that would exceed the CMA balance I would just throw on credit and pay it off later with no need to worry about settlement time. It's the situations where you want/need physical cash in hand.
I know that the second brokerage account for emergency fund is a pretty popular setup, as is SGOV, so I figured this would be the place to ask.
Thanks in advance!

I've been doing research on going this, as well. If you're bullish, it seems buying ATM or slightly ITM LEAPS do better if you're right. Have you found the same?

I have wells fargo account with minimal money in it just to keep it open and for cash deposits and fx currency/just as a back it if something were to happen to Fidelity and I need to switch back.
Have a CMA for ATM use with a debt card for cash withdraws

As of March 31st, their ATM currently had $42m remaining and they had $46m of cash on the balance sheet. That's $86m of liquidity. But they need to keep the higher of $21m or 110% of the then principal amount of the HTC loan. The lowest principal amount that can be right now is $34m, therefore, as of right now, they must keep at least $37m of cash in a restricted status (that is, it cannot be touched).
Presumably they will use approximately $20m of cash in Q2 (OPEX and HTC loan repayments). Therefore they would have $86m - $20m = $66m of liquidity as of June 30th. That is roughly 1 year's worth of expenses. In order to avoid a going concern flag from their auditors they need to keep at least 1 years worth of liquidity on the balance sheet. They need to raise approximately $20m in Q3 (and every quarter thereafter in the near term). $20m at the current stock price equates to 52m shares per quarter.
As of March 31st they had approximately 344m shares issued and outstanding. They also have ~25m shares allocated to their employee incentive plans. Presumably, they used shares to pay for the HTC redemptions in April, May, and June, which I estimate would have been 12m shares. That would bring the new issued and outstanding share total to 344m + 25m + 12m = 381m shares. Add another 52m for Q3 and that brings the total to 433m shares. Their ceiling is 510m shares.
Upon reflection, I suppose they do have enough shares to delay the execution of the reverse split until the end of the year. The near term stock price will affect that determination, as a lower price means more shares will be needed to pay the bills. Anyway, after laying out the numbers, I agree, it is not a foregone conclusion that they will quickly do the reverse split.

Things happen between quarterly reports. Like a 3B ATM.

You aware of the cash reserve and common ATM?

Honestly I’m not sure how that works and why it’s needed right now. I believe they currently have the money to continue for around another year. Also, I believe they have still have an open ATM. Again I’m no expert so if I’m misunderstanding something I’m all ears. 

That's a great discussion you've got going here!
I wanted to share that anyone with a Cash Management Account (CMA) and a debit card attached will have ATM fees reimbursed, which could be an advantage over other debit cards issued by other providers. You can review all the features of the Fidelity Debit Card at the link below.
[Fidelity Debit Card](https://www.fidelity.com/spend-save/atm-debit-card)
Please let us know if any other questions come to mind.

You only need $179,000 for a single 7/17 ATM SNDK call with Thursday's closing price

Isn't this explained simply by extrinsic value becoming intrinsic value? Intrinsic value does not decay. If you're selling a 45 DTE ATM straddle, you start with 100% extrinsic value and 0% intrinsic value (assuming the underlying was trading exactly at your strike prices). You're virtually guaranteed to see significant intrinsic value in either the short call or short put at 21 DTE. So in that sense, some of the extrinsic value didn't "decay" but was basically converted into intrinsic value.

Just so I can understand since I am in the $1000 check deposit and ATM withdrawal club, mind if I ask how long you have had your account, do you have a 5, 6, or 7 figure account balance and/or do you share your other account info with fidelity to increase your NW? 

So before you think this question is basic and answered a million times, I've read many responses on reddit and elsewhere and haven't seen any in-depth answers to my specific questions, and/or I see conflicting answers. 1. what role does supply/demand play in options' pricing since it can conflict with the actual cost to delta hedge an option? If supply outweighs demand I can't imagine a MM selling for less than it'll cost to delta hedge the option. 2. How are ITM/OTM options priced? I've read it's based off the vol skew using ATM prices, though a vol skew would be the result of OTM/ITM prices, not the cause. Otherwise how would you determine the skew? 3. Empirically, variance doesn't scale linearly nor is it stationary. So in reality a stock can have 20% monthly variance, but 2% daily variance. If you were to scale the daily up to monthly (.02\*30) it'd be 60%. A 1 month DTE option cannot be priced off of √20% IV because the daily variance will make it more expensive to hedge than that throughout its life. This can go further, minute or second or even every tick prob has different annualized variance, so which one do MM use to find IV? 4. All of these assume MM price options based off cost to hedge because idk how they couldn't so correct me if I'm wrong. If MM price based on cost to hedge (IV), and the sum of every strike's IV can create an implied prob distribution of the underlying at expiration, wouldn't they sometimes conflict? Meaning they'd have to price at x because it's the cost to hedge, but pricing at x under or overstates the probability density at that point in the PDF? Thanks for answering