Bitcoin sell-off drives heavy options trading in Strategy (MicroStrategy) stock, including a $56 million bearish bet
By
Tyler Bailey
Lightly toasted, lightly seasoned, mostly correct.
Summary
Bitcoin has experienced a significant sell-off in 2026, but traders remain active in the space. A notable trade involved a Strategy (formerly MicroStrategy) options play where one trader sold 29,425 call diagonals, collecting ~$56 million. The strategy involves selling $125-strike calls (Aug. 21 expiry) and buying $180-strike calls (June 18 expiry), profiting most if Strategy shares stay below $125 through August expiration. This marks the bitcoin treasury company's first sale of the flagship crypto in a year, amid a rocky period for the cryptocurrency market.
Key quotes
· 4 pulledIn Michael Saylor's Strategy, one trader sold 29,425 of the 125/180-call diagonals, collecting about $56 million in the process.
It's an options strategy that is most profitable if Strategy shares drop and stay below $125 through August expiration.
Ideally, you want both calls to expire worthless, allowing you to pocket the full credit.
The bitcoin treasury company's recent sales of the flagship crypto – its first in year
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