Bitcoin (BTC) has not been spared from the broader market selloff today. With BTC down 2.5% and back near $90,000, crypto stocks like Strategy Inc (NASDAQ:MSTR) are feeling the pain. Options traders, however, are undeterred.
For over two months, MSTR has appeared on Senior Quantitative Analyst Rocky White's list of equities that have attracted the highest options volume in the prior two weeks. In the last 10 days, more than 5.4 million calls and over 4.5 million puts changing hands. The weekly 1/9 165-strike call saw a majority of this action, with the January 2026 180-strike call following closely behind.
Strategy stock is down 5.8% to trade at $163.67, not far off its Jan. 2, 12-month low of $149.75. The shares are 59.1% lower year over year, though $150 could be a pivot point, should this support hold once more. Keep an eye on analyst movement too; 14 of the 16 brokerages covering MSTR maintain "buy" or better ratings, with zero "sells" on the books.
Regardless of direction, now looks like a great time to weigh in with options. The stock's Schaeffer's Volatility Index (SVI) of 65% that sits in the 9th percentile of annual readings, indicating options traders are pricing in low volatility expectations.
