MicroStrategy Shares Slip Below $100 as $10B Bitcoin Options Expire, STRC Preferred Weakens
MSTR•MSTR shares have fallen below $100 for first time since March 2024 as Bitcoin dips under $60,000 and $10 billion in bullish Bitcoin options expire on Deribit, representing 37% of open interest. Strategy’s STRC preferred trades near $80 as dividend obligations surge to $1.2 billion and cash runway shrinks to 14 months.
1. Bitcoin Options Expiry and Market Pressure
About $10 billion of bullish Bitcoin options will expire on Deribit this Friday, representing roughly 37% of open interest. As most long-call positions fall out-of-the-money around current spot under $60,000, thin liquidity may amplify volatility before dealer hedges trigger mean reversion.
2. MicroStrategy Share Performance
MicroStrategy shares dropped below $100 for the first time since March 2024 as Bitcoin slipped under $60,000, reflecting the stock’s leveraged exposure to the largest cryptocurrency.
3. STRC Preferred and Dividend Burden
Strategy’s STRC preferred stock trades near $80, while annual dividend obligations have surged to about $1.2 billion. Cash reserves have dwindled through debt buybacks and Bitcoin purchases, leaving an estimated 14 months of runway for dividend payments.
