What Is the Maximum Intrinsic Value a Put Option Can Theoretically Reach?

The maximum intrinsic value a put option can theoretically reach is the option's strike price. This occurs if the underlying asset's price falls to zero.

In this scenario, the put option grants the holder the right to sell the worthless asset for the full strike price. In reality, the maximum intrinsic value is the strike price minus the minimum possible price of the underlying asset.