What happens when a call option that is not sold reaches experiation?

When a call option that is not sold reaches expiration, it will either be exercised or expire worthless, depending on its status relative to the strike price.

1. **Exercisable Call Option**: If the call option is "in the money," meaning the underlying stock's market price is above the strike price, the option holder can choose to exercise the option. This allows them to buy the underlying stock at the strike price, which can be beneficial if the market price is higher than the strike price.
2. **Non-Exercisable Call Option**: If the call option is "out of the money," meaning the underlying stock's market price is below the strike price, the option will expire worthless. The holder will not be able to exercise the option, and the premium paid for the option will be lost.

In summary, the outcome of a call option at expiration depends on its intrinsic value. If the option is in the money, it can be exercised; otherwise, it expires worthless.