Options Traders Swarm Struggling Crypto Stock

Strategy Inc (NASDAQ:MSTR) stock was last seen trading down 4.2% at $125.53, falling with the broader crypto sector as investors unpack President Donald Trump's latest global tariff threat of 15%. Earlier today Bitcoin (BTC) fell to a bottom of $64,830. The sector has struggled in 2026, but that certainty hasn't kept options traders away.

MSTR has once again landed on Senior Quantitative Analyst Rocky White's list of stocks seeing the most options volume in the past 10 days. In this timeframe, the crypto stock has seen 4.6 million calls and 2.7 million puts traded, with the February 135 call and weekly 2/13 135-strike call seeing the most attention.

MSTR has struggled alongside BTC since the start of the year, off 18.3% in this time, tapping an annual low of $104.16 on Feb. 5. Overhead pressure from the descending 20-day moving average is also adding weight to the equity's long-term decline.

Strategy stock's Schaeffer's Volatility Index (SVI) of 78% ranks in the low 13th percentile of its annual range, meaning options traders are pricing in low volatility expectations. The stock has tended to exceed those expectations over the past year, too, per its Schaeffer's Volatility Scorecard (SVS) of 71 out of 100.