MicroStrategy Faces Volatility After $10 Billion Bitcoin Options Expiry
MSTR•Bitcoin’s $10 billion of options expire Friday on Deribit, representing 37% of open interest and skewed toward out-of-the-money calls. With Bitcoin trading near $60,000 and below its 200-week moving average, MicroStrategy’s stock may face heightened volatility due to its substantial Bitcoin holdings.
1. $10 Billion Options Expiry Details
About $10 billion of Bitcoin options on Deribit expire Friday at 4 p.m. Singapore time, accounting for roughly 37% of total open interest. Most of these options are bullish calls now out of the money, while bearish puts cluster around $60,000 to $65,000 and $70,000 to $75,000 strikes.
2. Bitcoin Price and Technical Indicators
Bitcoin recently dipped below $60,000 to its lowest since October 2024 and sits just under its 200-week moving average, a technical level that often signals extended bearish momentum. This 50% decline from its record high highlights the asset’s struggle to regain upward momentum.
3. Implications for MicroStrategy
MicroStrategy holds a significant Bitcoin position, making its share price vulnerable to sudden crypto market swings triggered by the concentrated options expiry and reduced summer liquidity. A marked price move could influence the company's asset valuation and investor sentiment.
