Michael Saylor, founder of Strategy Inc. (MSTR), has highlighted that his company's stock has become the most discussed asset on Wall Street, far outpacing the entire "Magnificent Seven" of IT giants in terms of market hype. In a July 2, 2026, post on X, Saylor shared a chart showing that the ratio of open interest in derivatives to MSTR's equity capitalization has climbed to an anomalous 71.9%.
According to the data, MSTR's open interest-to-market-cap ratio is dramatically higher than that of any major tech stock. Tesla ranked a distant second at 16%, followed by Meta at 11%, Microsoft at 6.1%, Nvidia at 5.8%, Amazon at 4.4%, Alphabet at 4.2%, and Apple at 3.2%. The surge in derivatives positioning reflects MSTR's transformation from a software company into the primary exchange-traded vehicle for a leveraged bet on Bitcoin.
However, the record interest comes with significant risks. Strategy holds 847,363 BTC — nearly 4% of the entire Bitcoin supply — acquired at an average price of $75,646. With Bitcoin trading around $61,800 at the time of the post, the company's paper loss exceeds $11.7 billion. Its shares are trading roughly 30% below the value of its Bitcoin portfolio. Additionally, Strategy's preferred stocks are under pressure: STRD trades at 63% of its $100 par value, and STRK at $89.
The elevated derivatives activity coincided with a sharp rebound in MSTR shares, which rose above $100 for the first time in days, hitting $104 intraday, a gain of over 10% in one session and more than 23% from a recent low near $82. The recovery mirrored Bitcoin's climb past $62,000, fueled by weaker-than-expected U.S. jobs data that boosted risk assets. Other crypto-linked equities like Coinbase, Robinhood, Marathon Digital, and the iShares Bitcoin Trust also posted gains.
Wall Street remains divided. Bitwise CIO Matt Hougan views MSTR's discount to net asset value as a potential bottom signal for Bitcoin and believes institutional investors will eventually overtake Strategy as the largest BTC buyers. However, analysts have cut price targets: Canaccord lowered its target to $130 from $163, while TD Cowen slashed its to $260 from $400, both citing prolonged share-price weakness rather than a shift in their long-term Bitcoin thesis.
