MSTR Stock: Unusual Options Bets Target $360 as Strategy Inc. Trades Near 52-Week Lows

By TrendSpider Editor

Two unusually large call contracts totaling over $2.6 million in combined premium have surfaced in Strategy Inc. (MSTR), drawing attention to the stock at a time when shares are trading near the lower end of their 52-week range. MSTR closed at $144.03, down 1.65% in the most recent session, and sits

MSTR Stock: Unusual Options Bets Target $360 as Strategy Inc. Trades Near 52-Week Lows

Two unusually large call contracts totaling over $2.6 million in combined premium have surfaced in Strategy Inc. (MSTR), drawing attention to the stock at a time when shares are trading near the lower end of their 52-week range. MSTR closed at $144.03, down 1.65% in the most recent session, and sits significantly closer to its 52-week low of $104.165 than its 52-week high of $457.22. The options activity signals that at least some market participants are positioning for a substantial long-term recovery, even as the stock continues to face near-term pressure.

Key Drivers of the MSTR Stock Move

• Main Catalyst: Two unusual call contracts were flagged, both targeting a $360 strike price. One expires January 21, 2028, with a size of 466 contracts and open interest utilization of 282% above existing OI. The second expires December 17, 2027, also with a size of 466 contracts and an OI percentage of 324%. Combined, these contracts generated $2,620,970 in total premium, with both trades deep out of the money relative to the current price of $144.03.
• Bull Case: The scale of these positions is notable. Both contracts carry OI percentages well above 100%, at 282% and 324% respectively, indicating that new positioning is dramatically outpacing existing open interest. A move to the $360 strike would represent a gain of roughly 150% from current levels, and the fact that two coordinated block trades of identical size were placed across two nearby expiration dates suggests deliberate, informed positioning rather than speculative noise.
• Bear Case: Both contracts are deeply out of the money, with the $360 strike sitting more than 150% above the current price of $144.03. The stock is already down 1.65% on the session and has spent considerable time depressed relative to its 52-week high of $457.22. For these calls to pay off, MSTR would need to stage a dramatic recovery by late 2027 or early 2028, which is far from guaranteed given the current price trajectory.

The forward setup for MSTR is complex. The stock remains deeply tied to Bitcoin price action, as Strategy Inc. has continued its aggressive Bitcoin acquisition strategy. At $144.03, shares are trading closer to their 52-week floor of $104.165 than to any recovery territory, which makes the $360 call targets look ambitious in the near term. That said, the long-dated nature of both contracts, with expirations in December 2027 and January 2028, gives the thesis considerable runway to play out. Any sustained Bitcoin rally or positive shift in broader crypto sentiment could serve as the primary catalyst for a repricing of MSTR shares over that horizon. Traders and investors should watch Bitcoin levels closely, as they have historically been the dominant driver of MSTR's valuation swings.

MSTR Unusual Options Activity

• Type: Call | Strike: $360 | Expiry: January 21, 2028 | Volume: 466 | Open Interest %: 282% | Status: Out of the Money
• Type: Call | Strike: $360 | Expiry: December 17, 2027 | Volume: 466 | Open Interest %: 324% | Status: Out of the Money

Total unusual contracts flagged: 2. Total combined premium across both contracts: $2,620,970. Both trades are calls at the same $360 strike, split across two expiration dates roughly one month apart, suggesting a coordinated long-dated bullish thesis.

MSTR Seasonality

March has historically been a transitional month for Bitcoin-correlated equities, often reflecting carryover momentum or weakness from the first two months of the year. With MSTR currently sitting near multi-month lows in early March 2026, seasonal patterns suggest the next few weeks could be a telling indicator of whether a spring recovery thesis has merit.

MSTR Relative Performance

MSTR is down 1.65% on the session and trading at $144.03, which places it roughly 68% below its 52-week high of $457.22 and only about 38% above its 52-week low of $104.165. This positioning near the low end of its annual range suggests significant underperformance relative to where the stock was trading earlier in the past year, and highlights the degree of recovery that would be required to reach the $360 call strike targeted in today's unusual options activity.