TL;DR:
- The open interest of Strategy’s options equals 71.9% of its market capitalization.
- The company’s treasury accumulates a total of 847,363 Bitcoin acquired at an average price of $75,646 per unit.
- The financial restructuring establishes a cash reserve of $2.550 billion to cover debt obligations.
The founder of Strategy, Michael Saylor, compared his company’s derivatives positions against traditional tech giants, highlighting a rally in MSTR’s stock performance on Wall Street.
Which stock is MoST inteResting? $MSTR pic.twitter.com/QhFtCHFyoH
— Michael Saylor (@saylor) July 2, 2026
The executive indicated that the open interest of the firm’s options far exceeds that of the members of the “Magnificent Seven.” While the company reaches 71.9% relative to its capitalization, Tesla stands at 15.8% and Meta registers 10.8%.
S&P Global shares data revealing that the company presents a beta of 3.54, reflecting a behavior similar to that of a leveraged vehicle for crypto market exposure. The options market remains the preferred channel for traders to gain such exposure.
The corporation’s latest official filing details the custody of 847,363 Bitcoin, a figure representing more than 4% of the global circulating supply. To build this position, the firm spent $64.1 billion.
With the trading price of digital assets hovering around $61,760, the net value of the holdings stood at approximately $54 billion. This adjustment occurs days after the company’s valuation temporarily fell below the nominal value of its reserves this past June 26.
New Capital Management Strategy
The stock price experienced notable volatility during the week. The company’s shares advanced 12.5% on Monday following the presentation of its new financial framework, slid 6.2% on Tuesday to $86.93, and recorded a rise of over 7% during Thursday’s session.
The strategic plan presented on June 29 allocated $2.550 billion in cash reserves. This provision is designed to cover 17.4 months of interest and preferred dividends.
The document also authorizes the sale of up to $1.250 billion in crypto-assets and contemplates stock buybacks up to a limit of $2 billion. The company’s CEO, Phong Le, described the shift as an evolution toward active capital management.
Wall Street firms reacted with caution to the announcement. Analysts at Citi maintained a buy recommendation, although they adjusted the stock’s price target from $260 to $136. Reports from TD Cowen and BTIG also reduced their price targets based on the need for market stabilization. In parallel, the law firm Rosen Law Firm initiated a securities investigation into internal management.
The company will formally present its quarterly earnings report this coming July 30. This release will constitute the first public evaluation to measure the effectiveness of the new corporate resource allocation model.
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