Michael Saylor pitted Strategy (MSTR) against the Magnificent 7 (Mag 7) on July 2, branding his company the “MoST inteResting” stock on Wall Street as shares recover from last week’s lows.

The comparison rests on derivatives positioning rather than price performance. According to a chart Saylor shared, MSTR options open interest equals 71.9% of the company’s market capitalization, several times higher than any Mag 7 member.

MSTR Options Interest Dwarfs the Mag 7

Saylor’s post capitalized select letters in “MoST inteResting” to spell out the MSTR ticker. His chart put Tesla (TSLA) closest at 15.8% and Meta (META) at 10.8%, with the remaining Mag 7 members lower still. Notably, the numbers are Strategy’s own presentation and capture one snapshot in time.

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The ratio captures how traders treat the stock. With a beta of 3.54, per S&P Global data, MSTR moves like a leveraged proxy for its $64 billion Bitcoin bet. Options remain the preferred vehicle for that exposure.

MicroStrategy’s latest filing shows 847,363 Bitcoin (BTC), over 4% of the circulating supply. The company paid $64.1 billion, an average of $75,646 per coin.

However, with BTC trading near $61,760, the position is now worth about $54 billion. This comes only days after Strategy’s valuation fell below the value of its Bitcoin holdings for the first time on June 26.

July Rebound Rides a New Capital Playbook

MSTR jumped 12.5% on Monday after unveiling its capital management overhaul. It then slid 6.2% to $86.93 on Tuesday as TD Cowen cut its target to $260 from $400.

On Thursday, shares climbed more than 7%, effectively recovering above $1009 to suggest a July recovery that is still pending confirmation.

The June 29 framework set aside a $2.55 billion cash reserve, covering 17.4 months of preferred dividends and interest. It also authorized up to $1.25 billion in Bitcoin sales and $2 billion in buybacks. Company leadership cast the change as deliberate.

“Strategy is evolving from one-way capital issuance to active capital management,” Phong Le, CEO of Strategy, said in the announcement.

Meanwhile, Wall Street’s response captures the tension. Citi kept its Buy rating but slashed the price target from $260 to $136, saying the plan buys time for Bitcoin to stabilize.

TD Cowen and BTIG also kept Buy ratings while lowering targets. Separately, Rosen Law Firm opened a securities probe into Strategy.

Saylor also reiterated the $100 STRC target as the preferred stock recovers from its June 26 record low of $71.25.

Supporters read the options dominance as conviction. In contrast, critics counter that the same leverage dragged the stock from a 52-week high of $457.22 to $81.81.

Whether derivatives fervor converts into durable equity performance still hinges on Bitcoin holding above $60,000. Strategy reports earnings on July 30, the first test of the new playbook in action.

Источник: BeInCrypto