Options activity in Strategy Inc. accelerated through the session, with total contracts traded hitting 952,761 by 2:50 p.m. New York time. Exchange data compiled by Bloomberg shows the session was dominated by puts, which made up the bulk of the action.
Put contracts totaled 603,285 for the day, while call contracts amounted to 349,476. The single most active contract was the $115 put expiring today, which saw 68,352 contracts change hands against an open interest of 5,493 contracts.
Alongside heavy near-term put flow, market participants also traded a sizeable call spread expiring June 12, 2026. The spread accounted for 26,057 contracts in total, split between 13,030 contracts for the $125 call - which has open interest of 168 - and 13,027 contracts for the $132 call - which carries open interest of 251.
Longer-dated put interest was also notable. The $100 put expiring June 12, 2026 recorded 20,985 contracts traded versus open interest of 11,746 contracts. Additional high-volume strikes expiring today included the $110 put, with 19,632 contracts traded and open interest of 6,016, and the $120 call, which saw 17,794 contracts traded against open interest of 403 contracts.
The day’s order flow highlights a concentration in both very near-term expirations and a specific June 12, 2026 call spread, with trade volumes on certain strikes far exceeding existing open interest levels. These patterns indicate that a mix of short-dated hedging and targeted longer-dated positioning accounted for a considerable share of the session’s activity.
Details of the session at a glance
- Total options traded: 952,761 contracts (as of 2:50 p.m. New York time)
- Put volume: 603,285 contracts
- Call volume: 349,476 contracts
- Most active single contract: $115 put expiring today - 68,352 contracts traded; open interest 5,493
- Notable call spread: June 12, 2026 - 26,057 contracts (13,030 of the $125 call; open interest 168; 13,027 of the $132 call; open interest 251)
- Other large trades: $100 put expiring June 12, 2026 - 20,985 contracts (open interest 11,746); $110 put expiring today - 19,632 contracts (open interest 6,016); $120 call expiring today - 17,794 contracts (open interest 403)
Data presented reflect exchange-reported activity compiled by Bloomberg as of the time noted.