Options traders have circled Strategy Inc. (NASDAQ: MSTR) over the past 10 days, with calls dominating puts as investors weigh Trump’s 15% tariff threat against a sensitive crypto backdrop. The stock was last seen down 4.2% at $125.53, moving in tandem with the broader crypto complex. During the period, roughly 4.6 million calls and 2.7 million puts changed hands, with the February 135 call and the weekly 2/13 135-strike call attracting the most attention. MSTR has struggled alongside BTC since the start of the year, down about 18% and hitting a yearly low of $104.16 on Feb. 5.
The stock remains pressured by the descending 20-day moving average. Schaeffer’s Volatility Index (SVI) stood at 78%, ranking in the low 13th percentile of its annual range, meaning options traders are pricing in relatively low near-term volatility. The stock has tended to exceed those expectations over the past year, too, per Schaeffer’s Volatility Scorecard (SVS) of 71 out of 100.
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