According to ChainCatcher, citing CoinDesk, 10x Research is bullish on put options for MicroStrategy (MSTR), as the Nasdaq-listed Bitcoin holding company's stock price has diverged from the rising Bitcoin price.
10x Research recommended a put spread strategy for MSTR in a report to clients, which involves buying put options with a strike price of $370 and selling put options with a strike price of $300, both expiring on June 27.
"This trade reflects the growing disconnect between Bitcoin's strong performance and MicroStrategy's diminishing momentum and volatility," explained Markus Thielen, founder of 10x Research, when describing the put spread strategy. "Despite Bitcoin reaching new historical highs, MSTR's stock price remains far below its peak, indicating waning investor enthusiasm."
