- Strategy’s options open interest equals roughly 86% of its market capitalization.
- Options exposure on MSTR far exceeds that of several mega-cap tech peers.
- About 446,000 options, mostly calls, are set to expire on Jan. 2, which may boost near-term volatility.
- MSTR has fallen nearly 50% over the past year while several peers posted gains.
- The company’s Series A perpetual preferred (STRC) will pay an 11% annualized dividend starting in January.
Strategy executive chairman Michael Saylor said Thursday that "Bitcoin is what makes the stock ‘interesting,’" noting that options open interest on the company’s shares has climbed to about 86.2% of its market value, according to Saylor’s post. The comment came after the stock dipped 2.35% on the last trading session of 2025 and traded flat in after-hours trade.
Options open interest at MSTR now far outpaces levels at large tech firms. By Saylor’s figures, Tesla sits near 22%, Meta about 10.4%, NVIDIA roughly 7.2%, and Alphabet around 4.1%. Amazon, Apple and Microsoft each post ratios below 5%.
The company’s market capitalization is near $48.3 billion. Data shows roughly 446,000 options contracts, mostly calls, are scheduled to expire on January 2, according to OptionsCharts.io, a volume that could amplify short-term price moves.
Despite heavy options activity, MSTR has lagged peers over the last year. The stock has fallen nearly 50% while Google gained 65%, Nvidia 39%, and Meta 13%, as illustrated in recent performance charts.
Bitcoin remained range-bound entering the new year, trading near $88,600 and rising about 1.4% in the prior 24 hours, while retail sentiment around both the stock and the crypto was described as ‘bearish’ on social platforms.
Saylor’s remarks followed the company’s announcement that its Series A Perpetual Stretch Preferred Stock (STRC) will pay an 11% annualized dividend beginning in January, a rise from prior steps, per Saylor’s announcement. The preferred’s variable-rate mechanism increases the coupon by 25 basis points if the five-day volume-weighted average price falls below $99.
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