MicroStrategy Incorporated ended the session at $126.83, registering a 3.42% gain.

The options tape displayed a decisively bullish institutional tone, anchored by a $2.10 million bull put spread and a $612,800 outright call purchase. The largest trade sold September 2026 $133 puts and bought $115 puts, collecting net credit with defined downside protection. The second-largest trade bought September 2026 $150 calls outright, betting on upside acceleration. Both positions indicate traders were positioned for strength rather than hedging against a major decline.

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Options Indicators

MSTR’s implied volatility is 81.81%, while its IV percentile stands at 39.44%, which places current volatility in a neutral historical range rather than an extreme one. In other words, although the absolute IV level is high, relative to its own past options are not especially cheap or especially expensive at the moment. With an IV/HV ratio of 1.16, implied volatility is running modestly above realized volatility, suggesting the market is pricing in somewhat more forward uncertainty than what has recently been observed. The Call/Put volume ratio is 1.16.

Large Trades

A bull put spread collecting a net credit of $2.10 million was the largest displayed trade, with 2,500 contracts sold on the September 4, 2026 $133.00 put and 2,500 contracts bought on the September 4, 2026 $115.00 put. With MSTR referenced at $126.83, the short $133.00 put was in the money while the long $115.00 put was out of the money, making this a bullish put spread structured for premium collection with defined downside protection. The trader is effectively expressing the view that MSTR can hold up sufficiently into expiration, or at least avoid a severe breakdown below the lower strike, while monetizing elevated put premium through a net-credit stance.

A call purchase worth $612,800 was the other displayed large trade, consisting of 1,751 September 18, 2026 $150.00 calls bought outright. With the stock at $126.83, the $150.00 strike was out of the money, so this was a clean bullish directional bet on upside acceleration over the coming weeks. Taken together, the large-trade flow points to a clearly bullish institutional tone: the biggest position was a premium-selling bullish spread with capped downside risk, while the second-largest was an outright upside call buy, showing traders were leaning for strength rather than hedging against a major decline.

Strategy Reference

For traders seeking a low assignment probability on the put side, the September 2026 $115.00 strike offers a defined-risk short put level well below the large-trade protection zone; alternatively, a bull put spread from $115.00 to $100.00 can reduce margin requirements while maintaining a net-credit posture aligned with the institutional flow.