Bitcoin options traders hedge downside as Strategy
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- Anchorage Digital found options traders focused on managing near-term risks rather than positioning for a clear directional move, with the 30-day/7-day implied volatility ratio as the key metric.
- Lawant said he is watching for one-month implied volatility to once again exceed one-week implied volatility, a shift he said would indicate markets are becoming more comfortable looking beyond immediate risks.
- Strategy's STRC preferred stock fell as low as $82.53 on June 22 — about 17% below its $100 par value — before partially recovering after the company disclosed it had boosted fiat reserves to $1.3 billion.
- STRC was trading around $77 as of Thursday, roughly 23% below par, while MSTR common shares were down about 78% over the past year and traded near $87, per Yahoo Finance.
- Anchorage found MSTR options markets remain well below stress levels seen during previous corrections, with put skew not reaching levels typically associated with forced deleveraging or a broader crisis.
- Strategy, led by Executive Chairman Michael Saylor, pioneered the corporate Bitcoin treasury model in 2020 and remains the world's largest corporate Bitcoin holder with 847,363 BTC on its balance sheet.
Why it matters: With MSTR down roughly 78% over the past year and STRC trading about 23% below par, the fact that Anchorage's analysis shows options markets remain well below prior correction stress levels suggests traders view the sell-off as painful but not existential. Strategy's decision to disclose a $1.3 billion fiat reserve boost to support its preferred share price signals the company is actively defending STRC's par value rather than waiting for market forces to correct it.
