However, the positions do not establish that traders collectively expect such a recovery. Some of the calls may represent outright bullish bets, while others may have been sold against existing STRC holdings or used in multi-leg spreads that treat the region around $100 as an upper boundary.
Meanwhile, the downside positions extend considerably further.
Open interest includes 1,533 contracts at the $90 put, 1,976 at the $85 put, and 2,994 at the $60 put. The $60 strike would place STRC 40% below its stated amount and increase the effective yield to more than 19% if the current dividend rate were maintained.
These numbers show that some traders are preparing for a scenario in which the dividend-reset mechanism fails to restore the stock to $100 and investors continue to demand a larger return.
Taken together, the options positions define the range investors are watching. Calls near $95 and $100 preserve the possibility of a managed recovery.
However, the put positions, particularly at $60, show that traders are also protecting against a substantially larger discount.
Strategy builds cash and opens the door to Bitcoin sales
To navigate this market downturn, Strategy’s recent capital allocation suggests the company is placing greater emphasis on liquidity.
This week, the company announced that it raised about $335.5 million through common-stock sales, but used only $34.9 million to acquire 520 additional Bitcoins.
According to the firm, much of the remaining capital helped lift Strategy’s dollar reserve to approximately $1.4 billion.
This action shows that the company is still acquiring Bitcoin, but cash needed for interest and preferred-dividend payments is competing more directly with additional purchases.
That marks a change from periods when the company directed a larger share of its available capital toward expanding the treasury