Options Trading Journal

My GREE Options Strategy and Trades from 2021 to 2022

Reflecting on my GREE options trades. What I did right. What I did wrong. What I am going to do.

Reflecting on my GREE options trades. What I did right. What I did wrong. What I am going to do.

GREE is the symbol for Greenidge Generation Holdings Inc. It is actually the result of a merger between (SPRT) and Greenidge Generation Holdings.

It owns a vertically integrated bitcoin mining and power generation facility in the US. It generates electricity on-site from its vertically integrated power plant and uses it to power its ASIC miners. I thought it is kinda cool to generate their own electricity to mine bitcoin.

GREE Options: Selling Put Options

I was selling put options on SPRT from July to September 2021 and collected $624.32.

My final trade was the following:

9 Sep 2021 – sold 3 put options with strike price $10 expiring 15 Oct 2021 for a premium of $510. Assigned. Profit: $506.28

I collected a total of $1,130.60 up till then.

I held the 3 options contracts above during the merger between SPRT and GREE. They were automatically converted into put options on GREE. The problem was that the strike price was altered and I had no say over it. This resulted in me getting assigned an odd number of GREE shares. The share price then promptly nosedived.

I wanted to be able to sell covered calls on GREE since I was assigned. In order to do that, I had to spend more money to purchase sufficient shares to make up 100 shares.

I had already paid $3,000 for my GREE shares. I then topped up $1,574.50. The total investment in GREE is then $4,574.50.

  • Number of shares: 100
  • Total cost $4,574.50 – $1,130.60 = $3,443.90
  • Cost per share: $34.44

Major lesson learnt: Do not hold options across major events.

Covered Call Options

I sold 3 call options from 29 October 2021 to 3 November 2021 and collected $290.61.

The share price of GREE has dropped significantly in December and I found it hard to find good call options contracts to sell.

I found out how to check the probability of my options contracts by looking at Delta. It is still risky because I am setting strike prices that are below my cost price of $34.44

I sold another 2 call options and collected $41.30. My total profit from selling call options is $325.05

The share price at this point has dropped to $8.22. It is getting depressing.

Learning to Evaluate GREE

At the beginning of 2022, I attended a course called Options Millionaire Intensive bootcamp (affiliate link). OMI is a 3-day live bootcamp (virtual when I attended). I learnt some interesting investing concepts and strategies. One of them is a checklist for evaluating whether a company is good.

I know this is not comprehensive analysis but I think it is a good place to start for beginner investors. Baby steps.

  1. Operating cashflow (OCF) of a good company should be consistently positive. A bonus if it is growing.
  2. Net profit margin should be positive. 10% and more to be considered good.
  3. Interest coverage ratio should be positive. The larger the number the better. Nil is also good. It means the company has no loans.
  4. The current year Price/Earning ratio (PE) should be lower than the 5-yr PE
  5. The current year Earning Per Share (EPS) should be higher than the 5-yr EPS
  6. The Value line should be higher than the current share price. This means that the company shares could be trading at a discount.

Applying the OMI Checklist to GREE

  1. GREE’s operating cashflow is negative in 2019. It turned positive in 2020 and 2021 at 1 million and 26 million respectively. That seems like fast growth. If they continue to grow at this rate, 2022 cashflow should be healthy.
  2. GREE’s net profit margin was negative from 2019 to 2021. That is not good although I can see that the negative values are closing up quite fast.
  3. Interest coverage is (-3.45). Again, not a good sign.
  4. PE ratio is not available
  5. The current Earning Per Share is (-$0.12).
  6. Value line cannot be calculated without PE data.

Analyst Ratings and Stock Price Forecasts

GREE did not pass the OMI checklist. But I feel that GREE is a good company and just need some time. I looked at additional information that look at future potential. offered some helpful forecast figures at

Revenue growth for 2022 and 2023 are forecasted at 100.15% and 51.97% respectively. EPS for 2022 and 2023 are $0.47 and $1.95 respectively.

According to 8 stock analysts, the average 12-month stock price forecast for GREE stock is $26.52. The lowest target is $10.1 and the highest is $44.1. Morningstar Quantitative ratings calculated share price of $17.39.  

GREE’s future looks good. I think it is something I would like to invest a little bit more in.

Selling Put Options for a Discount

I have decided to dollar cost average by purchasing 200 shares by selling put options.

21 March 2022 – sold 2 put options with strike price at $7.50 expiring 14 April for $100. Closed on 11 April at a cost of $20. Profit: $73.61

12 April 2022 – sold 2 put options with strike price at $7.50 expiring 20 May for $146. Assigned. Profit: $142.29

I collected $73.61 + $142.29 = $215.90 for both options. Total cost of 200 share is $1,500 – $215.90 = $1,284.10

  • Number of shares: 300
  • Total cost $3,443.90 + $1,284.10 = $4,728
  • Cost per share: $15.76

June 2022

GREE’s share price has dropped to $4.54. I am interested to DCA again using Put options. But the perennial question: is this the bottom?

The data I used for evaluation are sourced from and Moomoo (affiliate

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