Michael Saylor · Bitcoin · Strategy · CryptoSlate
Strategy’s STRC draws bearish options bets as it falls to new all-time low
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Options traders are building bearish positions around Strategy's (formerly MicroStrategy) flagship preferred STRC stock after the security fell to a record low, adding a new layer of pressure to one of Michael Saylor’s main funding tools for buying Bitcoin.
Key facts
- Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, known by the ticker STRC, closed Wednesday at $89 after touching an intraday low of $88.51
- The same data showed a max-pain level of $95, above STRC's close, while net gamma exposure stood at-$1.1 million per 1% move
- The close left the security about 11% below its stated $100 level and extended its year-to-date decline to roughly 10.7%
- Strategy’s Bitcoin treasury is worth under $55 billion, compared with about $1.7 billion of annual preferred-dividend obligations
Summary
01 Strategy’s STRC preferred stock fell to a record low of $88.51, closing at $89 as put interest outpaced calls. 02 The drop raises doubts about STRC’s ability to stay near $100 and keep funding Strategy’s Bitcoin purchases cheaply. 03 Investors now question whether Strategy must raise dividends, sell more Bitcoin, or use more share sales to support payouts. Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, known by the ticker STRC, closed Wednesday at $89 after touching an intraday low of $88.51.