MicroStrategy Risk Rises as $10B Bitcoin Options Expire Covering 37% Open Interest
MSTR•About $10 billion of Bitcoin options on Deribit, representing 37% of open interest, will expire at 4 p.m. Singapore time Friday, with most bullish calls now out of the money and put strikes clustered between $60,000 and $75,000. Bitcoin recently fell below $60,000, trading under its 200-week moving average.
1. Expiry Details
Most of the $10 billion notional value in Bitcoin options on Deribit expires at 4 p.m. Singapore time Friday, accounting for roughly 37% of total open interest. The bulk of call options are now out of the money, while puts are concentrated in strike ranges from $60,000 to $75,000.
2. Bitcoin Price Decline
Bitcoin has dipped below $60,000 to levels not seen since October 2024, trading under its 200-week moving average. The cryptocurrency remains more than 50% below its all-time high, indicating sustained downward pressure.
3. Implications for MicroStrategy
This concentrated options expiry event could amplify short-term volatility, heightening risk to MicroStrategy’s share valuation due to its substantial Bitcoin holdings and sensitivity to price swings.
