Michael Saylor put MSTR options back in focus after sharing data showing unusually large derivatives activity in Strategy shares. The figures he posted placed MSTR options open interest at about $40 billion to $41 billion, equal to roughly 86% of the company’s market capitalization. In the comparison chart he referenced, major technology names such as Apple, Microsoft, Amazon, Meta, and Alphabet showed only single-digit ratios.
The timing drew attention because Strategy had just gone through a weak 2025. According to the source material, Strategy shares finished the year down nearly 48% and fell to fresh yearly lows, while BTC declined only about 6%. That gap revived questions about how the market prices the stock and why traders still stay active in its derivatives.
Why options traders are still clustered around MSTR
Saylor’s post pointed to where market interest remains concentrated. Rather than defending the share price, he highlighted the scale of options positioning. The message was direct: traders still treat MSTR as a leveraged Bitcoin vehicle, even after a steep drawdown in the stock.
That matters because this is not a typical stability trade. The source frames the current setup as a volatility trade, with participants watching for large price swings instead of a slow normalization. In that context, high open interest says more about expectations for movement than about confidence in a smooth recovery.
Dilution and corporate structure weighed on the stock in 2025
The sharp decline in Strategy shares was not attributed to BTC alone. One major factor cited in the material was ongoing share issuance. The company continued selling new stock to raise capital for additional Bitcoin purchases, and that created dilution concerns.
There was also debate over corporate risk. Critics argued that owning the stock is not the same as holding BTC directly, since investors are exposed to the structure and liabilities of the company itself. Those concerns helped push MSTR to a roughly 20% to 25% discount to the net asset value of its Bitcoin holdings.
Bitcoin reserves remain larger than the company’s market value
Even with poor stock performance, Strategy’s balance sheet remains heavily backed by Bitcoin. The article says the company holds 672,497 BTC, worth around $59 billion. That is above its current market capitalization of about $46 billion to $47 billion.
Strategy also holds more than $2 billion in cash and faces no major debt payments until 2028. Those numbers help explain why MSTR continues to attract close attention: the stock may be under pressure, but the underlying Bitcoin exposure remains substantial.
Fred Krueger’s scenario shows why the trade stays active
Fred Krueger added another example of why traders are still watching the name. With BTC near $88,500, his scenario suggested that if Bitcoin doubled to about $177,000, Strategy shares could rise by more than the cryptocurrency itself.
In his base case, the stock moves toward $375; in a bullish case, it reaches about $500. The source presents this as a simple scenario, not a certainty. Still, it helps explain why open interest in MSTR options remains elevated: traders are positioning for large Bitcoin-driven swings rather than modest moves.