Deposit a tokenized stock. Earn the IV crush.

How the vault earns

Each vault LPs into its bStock’s on-chain options pool. The calendar bot bumps implied volatility 24h before earnings and resets it 24h after, capturing the spread as IV collapses, provided the stock lands inside the implied move.

Know the risk

This is a short-volatility strategy: many small gains, occasional large losses. If the stock gaps beyond the implied move, LP shares absorb the difference, one bad event can erase several quarters of gains.

It has happened: NVDA closed +24% the day after its May 2023 earnings, roughly 3× the implied move. TSLA has closed ±10% or more after earnings multiple times. A vault short vol through such an event takes a material drawdown.

Earnings land after-hours, while the underlying market is closed and on-chain prices can’t update, the vault cannot re-hedge mid-gap. Deposit only what you can leave through a full cycle, and size for the drawdown, not the average quarter.