As Bitcoin reaches new all-time highs above $110,000, MicroStrategy’s (MSTR) stock has noticeably slowed, failing to keep pace with the crypto’s relentless surge. This divergence hasn’t gone unnoticed—Markus Thielen of 10x Research is highlighting bearish options strategies on MSTR as a potential way to capitalize on the gap.
In a recent client report, Thielen outlined a bear put spread trade involving buying the $370 put and selling the $300 put expiring June 27. This options play profits if MSTR’s price drops below $300 by expiration, limiting risk to the upfront premium of about $13.89.
“The disconnect between Bitcoin’s record-breaking run and MicroStrategy’s lagging stock price signals fading investor enthusiasm,” Thielen explained. “Even though MicroStrategy owns over 576,000 Bitcoin—the largest holding of any public company—its shares are stuck well below prior highs.”
MSTR closed Friday down 7% at $369, while Bitcoin continues its upward march past $110K. The stock’s inability to match Bitcoin’s momentum echoes a similar pattern seen before the last crypto peak in late 2021.
While this divergence isn’t a guaranteed sign that Bitcoin’s bull run is ending, it does suggest caution among institutional investors, particularly in traditional finance sectors.
Thielen also pointed out that the bearish put spread isn’t just a speculative bet—it can serve as an effective hedge for those holding large Bitcoin positions.
“Retail investors may still be chasing gains, but the institutional players seem to be bracing for a shift,” he noted. “Using MSTR puts is a smart way to manage risk while staying exposed to Bitcoin’s upside.”
Having predicted Bitcoin’s move into six figures, Thielen’s bearish stance on MSTR highlights a growing narrative: the rally in crypto prices may no longer be fully reflected in related equity proxies.
