One Line in the Ledger: the Galaxy Put Comes Off

The five model books logged exactly one entry between Monday's open and Friday's close. After the Saturday of the roll and the Saturday of the swaps and trims, this was the Saturday of one line: the derivatives book bought back a short put on Galaxy Digital, and the four equity books did not trade at all.

The line itself: on Friday the derivatives book bought to cover its ten GLXY January 2027 17.50 puts at 1.42 — 1,421 dollars out including the one-dollar fee, against the 2,649 collected when they were sold at 2.65 on May 1. Realised gain: 1,228 dollars, a touch under half the premium kept, with 140 days still to run to the January expiry. The book chose not to hold the remaining 1,420 dollars of premium across four and a half more months of a crypto balance sheet's news flow.

The arithmetic under it is worth writing down, because it is the whole case for the structure. When the puts were sold on May 1, Galaxy closed at 28.11 — the 17.50 strike sat about 38 percent below the stock. Since then the stock has fallen roughly 17 percent, to 23.21 by Friday's close, and the trade still finished green: time eroded the put faster than the falling stock could reflate it.

A short put struck far enough away does not need the stock to go up; it needs the stock to stay above one number while the calendar does the work. This one was covered with the stock 33 percent above the strike, on a day Galaxy itself fell 8.2 percent and the crypto complex traded heavy — IBIT closed at 43.90, back below the 44 it had first reclaimed on Monday.

It was also Galaxy's second round trip through this book in 2026. In February the book sold five September 2026 15-strike puts at 2.56 and covered them in April at 1.20 for a 678 dollar gain. Across the two trips, Galaxy has paid the book 1,906 dollars in put premium without ever putting a share of stock to it. The cover leaves the derivatives book holding 295,504 dollars in cash.

Global Tech 50, AI Build-Out, Hypergrowth and Global ETFs logged no entries. In a week where the market sold Thursday's beat-and-raise prints and the long bond failed its third test at the weekly close, the equity books' entry was to sit still — the sizing work was done in the two Saturdays before this one.

The four wikifolios that run alongside these books keep their own public ledgers: every transaction in Closelooknet, AI Cycle 2030, ETF Generation and The Compound is visible on wikifolio itself, trade by trade. How the vehicles work — and who the issuer is — lives on the Trade the Look page.

Nothing here is a recommendation, and none of it is advice — it is the log of what this diary's books actually did between last Friday's close and this one's. The full ledger, newest first, is on the signals page.