Mixed Options Sentiment in MicroStrategy Amid Shares' 0.13% Rise

MicroStrategy shares up 0.13% near $342.50. Options volume relatively light, with calls leading puts and a put/call ratio of 0.98. Implied volatility dropped 1.5 points to 53.77, suggesting an expected daily move of $11.60. Put-call skew steepened, indicating increased demand for downside protection.

MicroStrategy (MSTR) saw its shares rise by 0.13%, reaching near $342.50 on July 2, 2025. The options market, however, displayed a cautious optimism, with relatively light trading volume of 137,000 contracts. The put-call ratio stood at 0.98, indicating that calls were leading puts, suggesting a slight preference for upside potential [1].

Implied volatility (IV30) dropped by 1.5 points to 53.77, which is in the bottom quartile of the past year. This drop in implied volatility suggests an expected daily move of $11.60, indicating a more stable trading environment. The put-call skew steepened, reflecting an increased demand for downside protection [1].

Despite the positive movement in shares, the recent performance of Bitcoin (BTC) has been a mixed bag. While MicroStrategy has been aggressively acquiring BTC, the company's stock has faced criticism due to funding concerns and dilution of shares [2]. The company has turned to issuing common shares to fund its continued Bitcoin purchases, which has raised concerns among investors [2].

Michael Saylor, the co-founder and executive chairman of MicroStrategy, has been at the forefront of the company's Bitcoin strategy. Despite facing criticism, Saylor remains optimistic about the company's long-term prospects. He has predicted that Bitcoin could reach a price range of $180,000 to $250,000 within the next year, which could drive the MSTR stock to exceed $500 [3].

However, the company's stock has not been immune to market volatility. The recent pullback in BTC has had a more significant impact on MSTR, with the stock dropping nearly twice as much as BTC in the past few days. This volatility is expected due to the company's massive holdings in BTC, which offer about 2x volatility exposure to BTC [4].

Looking ahead, the sustainability of MicroStrategy's Bitcoin strategy will depend on several factors, including the performance of Bitcoin, the regulatory environment, and investor sentiment. The company's aggressive capital-raising activities and the potential dilution of shares will continue to be closely watched by investors [2].

References:
[1] https://www.tipranks.com/news/the-fly/mixed-options-sentiment-in-microstrategy-with-shares-up-0-13-thefly
[2] https://www.ainvest.com/news/michael-saylor-bitcoin-strategy-fire-stock-falls-15-funding-concerns-2508/
[3] https://www.thestreet.com/crypto/markets/xrp-lawyer-predicts-40-surge-for-microstrategy-stock
[4] https://ambcrypto.com/michael-saylor-uses-mstr-stock-to-buy-3k-bitcoin-in-latest-move-details/