Strategy Stock Popular in Options Pits Before S&P 500 Snub

Strategy Inc (NASDAQ:MSTR) stock is down 1.4% to trade at $331.33 at last glance, after news that Robinhood Markets (HOOD) will join the S&P 500 Index (SPX) before the open on Monday, Aug. 22. The announcement comes as a blow to many who expected the software concern, formerly known as MicroStrategy, to be added to the benchmark instead.

MSTR is pacing for its third loss in the last four sessions, but still sports an impressive 188% year-to-date lead. The $320 level appears to be moving in as support, following a pullback form the stock's July 16, 2025 peak of $457.22. So far in 2025, the equity has added 14.2%.

MSTR also made an appearance on Senior Quantitative Analyst Rocky White's list of equities that attracted the highest options volume in the past two weeks. In the last 10 sessions, Strategy stock has saw 3,513,636 calls and 2,404,622 puts. The weekly 9/5 350-strike call was the most popular contract in that time frame.

It's also worth noting that options traders are pricing in low volatility expectations. This is per the stock's Schaefer's Volatility Index (SVI) of 63% that ranks in the 9th percentile of readings from the past 12 months.