MicroStrategy Option Alert: Jan, 2027 $450 Calls at the Bid: 115 vs 1035 OI

MicroStrategy Option Alert: Jan, 2027 $450 Calls at the Bid: 115 @ $111.75 vs 1035 OI; Ref=$324.4928

MicroStrategy Option Alert: Jan 16 $250 Calls Sweep (8) near the midpoint: 182 vs 3080 OI

MicroStrategy Option Alert: Jan 16 $250 Calls Sweep (8) near the midpoint: 182 @ $133.625 vs 3080 OI; Ref=$322.96

MicroStrategy Option Alert: Fri $80 Calls at the Ask: 150 vs 835 OI

MicroStrategy Option Alert: Fri $80 Calls at the Ask: 150 @ $242.75 vs 835 OI; Ref=$322.62

MicroStrategy Option Alert: Jul 18 $400 Calls Sweep (11) below Bid!: 200 vs 959 OI

MicroStrategy Option Alert: Jul 18 $400 Calls Sweep (11) below Bid!: 200 @ $44.051 vs 959 OI; Ref=$323.2654

MicroStrategy Option Alert: Mar 21 $230 Calls Sweep (5) near the Ask: 72 vs 1320 OI

MicroStrategy Option Alert: Mar 21 $230 Calls Sweep (5) near the Ask: 72 @ $94.05 vs 1320 OI; Ref=$321.18

MicroStrategy Option Alert: Jan 16 $350 Calls Sweep (14) near the Bid: 113 vs 2195 OI

MicroStrategy Option Alert: Jan 16 $350 Calls Sweep (14) near the Bid: 113 @ $91.55 vs 2195 OI; Ref=$319.6

MicroStrategy Option Alert: Fri $215 Calls Sweep (37) near the Ask: 178 vs 1356 OI

MicroStrategy Option Alert: Fri $215 Calls Sweep (37) near the Ask: 178 @ $103.7 vs 1356 OI; Ref=$318.515

MicroStrategy Option Alert: Mar 21 $5 Calls at the Bid: 20 vs 183 OI

MicroStrategy Option Alert: Mar 21 $5 Calls at the Bid: 20 @ $316.25 vs 183 OI; Ref=$321.167

MicroStrategy Option Alert: Mar 21 $330 Puts at the Bid: 200 vs 3777 OI

MicroStrategy Option Alert: Mar 21 $330 Puts at the Bid: 200 @ $29.15 vs 3777 OI; Ref=$323.44

MicroStrategy Option Alert: Jan 16 $0.5 Calls Sweep (5) near the Ask: 20 vs 15371 OI

MicroStrategy Option Alert: Jan 16 $0.5 Calls Sweep (5) near the Ask: 20 @ $327.12 vs 15371 OI; Ref=$327.32

MicroStrategy Option Alert: Jan 16 $300 Calls Sweep (6) near the Bid: 81 vs 2554 OI

MicroStrategy Option Alert: Jan 16 $300 Calls Sweep (6) near the Bid: 81 @ $114.352 vs 2554 OI; Ref=$328.56

MicroStrategy Option Alert: Jan 16 $300 Calls Sweep (7) near the Ask: 63 vs 2554 OI

MicroStrategy Option Alert: Jan 16 $300 Calls Sweep (7) near the Ask: 63 @ $115.136 vs 2554 OI; Ref=$330.02

MicroStrategy Option Alert: Jan 16 $300 Calls Sweep (4) near the Bid: 80 vs 2554 OI

MicroStrategy Option Alert: Jan 16 $300 Calls Sweep (4) near the Bid: 80 @ $115.728 vs 2554 OI; Ref=$331.64

MicroStrategy Option Alert: Jan 16 $100 Calls Sweep (5) near the midpoint: 93 vs 5259 OI

MicroStrategy Option Alert: Jan 16 $100 Calls Sweep (5) near the midpoint: 93 @ $244.294 vs 5259 OI; Ref=$333.86

MicroStrategy Option Alert: Mar 21 $300 Puts at the Bid: 471 vs 4027 OI

MicroStrategy Option Alert: Mar 21 $300 Puts at the Bid: 471 @ $11.2 vs 4027 OI; Ref=$332.88

MicroStrategy Option Alert: Jan 16 $160 Puts at the Bid: 500 vs 1296 OI

MicroStrategy Option Alert: Jan 16 $160 Puts at the Bid: 500 @ $14.45 vs 1296 OI; Ref=$332.5825

MicroStrategy Option Alert: Jan 16 $100 Calls Sweep (5) near the Ask: 36 vs 5259 OI

MicroStrategy Option Alert: Jan 16 $100 Calls Sweep (5) near the Ask: 36 @ $245.55 vs 5259 OI; Ref=$335.0

MicroStrategy Option Alert: Jan 16 $100 Calls Sweep (3) near the midpoint: 46 vs 5259 OI

MicroStrategy Option Alert: Jan 16 $100 Calls Sweep (3) near the midpoint: 46 @ $244.561 vs 5259 OI; Ref=$334.01

MicroStrategy Option Alert: Jan 16 $400 Calls Sweep (6) near the Ask: 62 vs 2546 OI

MicroStrategy Option Alert: Jan 16 $400 Calls Sweep (6) near the Ask: 62 @ $83.25 vs 2546 OI; Ref=$332.61

MicroStrategy Option Alert: Mar 21 $350 Calls Sweep (5) near the Bid: 675 vs 2867 OI

MicroStrategy Option Alert: Mar 21 $350 Calls Sweep (5) near the Bid: 675 @ $21.75 vs 2867 OI; Ref=$334.0003

MicroStrategy Option Alert: Jan, 2027 $140 Calls at the Ask: 750 vs 772 OI

MicroStrategy Option Alert: Jan, 2027 $140 Calls at the Ask: 750 @ $238.0 vs 772 OI; Ref=$338.66

MicroStrategy Option Alert: Jan 16 $380 Calls Sweep (11) above Ask!: 200 vs 3888 OI

MicroStrategy Option Alert: Jan 16 $380 Calls Sweep (11) above Ask!: 200 @ $92.5 vs 3888 OI; Ref=$335.465

MicroStrategy Option Alert: Feb 21 $205 Calls Sweep (15) near the Ask: 154 vs 252 OI

MicroStrategy Option Alert: Feb 21 $205 Calls Sweep (15) near the Ask: 154 @ $133.811 vs 252 OI; Ref=$338.535

MicroStrategy Option Alert: Fri $225 Calls Sweep (15) near the midpoint: 154 vs 2143 OI

MicroStrategy Option Alert: Fri $225 Calls Sweep (15) near the midpoint: 154 @ $113.355 vs 2143 OI; Ref=$338.535

MicroStrategy Option Alert: Feb 21 $205 Calls Sweep (7) near the midpoint: 113 vs 252 OI

MicroStrategy Option Alert: Feb 21 $205 Calls Sweep (7) near the midpoint: 113 @ $136.039 vs 252 OI; Ref=$340.8

MicroStrategy Option Alert: Fri $205 Calls Sweep (7) near the midpoint: 113 vs 2437 OI

MicroStrategy Option Alert: Fri $205 Calls Sweep (7) near the midpoint: 113 @ $135.653 vs 2437 OI; Ref=$340.8

MicroStrategy Option Alert: Feb 28 $400 Calls Sweep (197) near the Ask: 1801 vs 2942 OI

MicroStrategy Option Alert: Feb 28 $400 Calls Sweep (197) near the Ask: 1801 @ $4.516 vs 2942 OI; Ref=$339.8

MicroStrategy (NASDAQ:MSTR) 주식

MicroStrategy

MicroStrategy Inc is a provider of enterprise analytics and mobility software. It offers MicroStrategy Analytics platform that delivers reports and dashboards and enables users to conduct ad hoc analysis and share insights through mobile devices or the Web; MicroStrategy Server, which provides analytical processing and job management. The company's reportable operating segment is engaged in the design, development, marketing, and sales of its software platform through licensing arrangements and cloud-based subscriptions and related services.

MSTR

영향력 있는 경제학자이자 시장 평론가인 피터 쉬프는 수요일(19일)에 스트레티지(NASDAQ:MSTR)의 전환사채 발행에 대해 우려를 표하며 비트코인(CRYPTO:BTC) 대리 종목인 스트레티지의 잠재적 재무 문제를 암시했다.

비트코인 상승에도 스트레티지 주가 하락, 피터 쉬프 &#34;전환사채 잘 진행되지 않아&#34;

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엘리엇 인베스트먼트 매니지먼트는 4분기 동안 여러 포트폴리오 조정을 하였다. 여러 옵션 포지션을 청산하고 이 행동주의 투자 회사의 기술 노출을 재편했다. 미국 증권 거래 위원회에 제출된 새로운 13-F 파일링에 따르면, 엘리엇은 4분기에 다음과 같은 새로운 포지션을 추가했다:

엘리엇 인베스트먼트가 울프스피드 주식을 매수하고 4분기에는 엔비디아 풋 옵션에 베팅

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세계 최대 규모로 비트코인을 보유한 기업인 마이클 세일러의 스트레티지(NASDAQ:MSTR)는 비트코인을 더 많이 매입하기 위해 사모를 통해 20억 달러 전환사채를 발생할 계획이다. 

마이클 세일러의 스트레티지, 비트코인 추가 매입 위해 20억 달러 조달 계획

MicroStrategy Incorporated - Class A Common Stock

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Shares of software companies are trading lower amid overall market weakness on US consumer and economic concerns.

Deep-pocketed investors have adopted a bullish approach towards MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MSTR usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 118 extraordinary options activities for MicroStrategy. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 44% leaning bullish and 34% bearish. Among these notable options, 36 are puts, totaling $2,535,260, and 82 are calls, amounting to $5,032,725.
<h3>Predicted Price Range</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $0.5 to $1080.0 for MicroStrategy during the past quarter. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for MicroStrategy's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of MicroStrategy's whale trades within a strike price range from $0.5 to $1080.0 in the last 30 days. 
<h3>MicroStrategy Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1740161740_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MSTR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$28.85</td>
<td>$28.7</td>
<td>$28.7</td>
<td>$600.00</td>
<td>$999.9K</td>
<td>3.7K</td>
<td>79</td>
</tr>
<tr>
<td>MSTR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>02/28/25</td>
<td>$18.15</td>
<td>$17.4</td>
<td>$17.79</td>
<td>$320.00</td>
<td>$154.7K</td>
<td>4.1K</td>
<td>6.9K</td>
</tr>
<tr>
<td>MSTR</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$51.0</td>
<td>$51.0</td>
<td>$51.0</td>
<td>$265.00</td>
<td>$153.0K</td>
<td>300</td>
<td>30</td>
</tr>
<tr>
<td>MSTR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$15.0</td>
<td>$14.4</td>
<td>$14.8</td>
<td>$350.00</td>
<td>$130.2K</td>
<td>3.4K</td>
<td>432</td>
</tr>
<tr>
<td>MSTR</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>02/28/25</td>
<td>$12.8</td>
<td>$12.2</td>
<td>$12.48</td>
<td>$310.00</td>
<td>$124.8K</td>
<td>681</td>
<td>416</td>
</tr>
</tbody>
</table>

<h3>About MicroStrategy</h3>
MicroStrategy Inc is a provider of enterprise analytics and mobility software. It offers MicroStrategy Analytics platform that delivers reports and dashboards and enables users to conduct ad hoc analysis and share insights through mobile devices or the Web; MicroStrategy Server, which provides analytical processing and job management. The company's reportable operating segment is engaged in the design, development, marketing, and sales of its software platform through licensing arrangements and cloud-based subscriptions and related services.
In light of the recent options history for MicroStrategy, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Present Market Standing of MicroStrategy</h3>
<ul>
<li>With a volume of 8,171,629, the price of MSTR is down -4.37% at $309.75. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 66 days.</li>
</ul>
<h3>Expert Opinions on MicroStrategy</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $504.8.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Cantor Fitzgerald continues to hold a Overweight rating for MicroStrategy, targeting a price of $619. 
&#x2A; Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on MicroStrategy with a target price of $421. 
&#x2A; An analyst from Canaccord Genuity has decided to maintain their Buy rating on MicroStrategy, which currently sits at a price target of $409. 
&#x2A; Reflecting concerns, an analyst from Keefe, Bruyette &amp; Woods lowers its rating to Outperform with a new price target of $560. 
&#x2A; In a cautious move, an analyst from Mizuho downgraded its rating to Outperform, setting a price target of $515. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest MicroStrategy options trades with real-time alerts from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.

Options

Smart Money Is Betting Big In MSTR Options

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) supporter and advocate Michael Saylor called on the U.S. government to accumulate BTC to eliminate the national debt and benefit its <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43765261/bitcoin-reserve-can-potentially-secure-u-s-superpower-status">citizens and taxpayers</a>.
What Happened: At the CPAC Conference, Saylor on Thursday <a href="https://x.com/WatcherGuru/status/1892646842585751688">championed</a> Bitcoin as the ultimate form of economic sovereignty and sound money. 
He emphasized that Bitcoin aligns with Satoshi Nakamoto's vision, empowering individuals against centralized entities like governments, banks and big tech.
According to Saylor, Bitcoin represents a censorship-resistant, tamper-proof ledger (ensuring integrity), self-custodial ownership (ensuring sovereignty) and an economic energy source immune to debasement, seizure or manipulation.
As Executive Chairman and co-founder of Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Saylor detailed how adopting Bitcoin transformed his company, shifting it from stagnation to exponential growth. 
He argues that Bitcoin offers businesses an escape from: bank dependence, government monetary policies and inflationary currencies.
Saylor called on the U.S. government to accumulate Bitcoin, claiming it would eliminate national debt, strengthen the dollar, and solidify U.S. leadership in the digital economy. &nbsp;He stated, "There is only room for one nation-state to buy up 20% of the network, and that should be the United States."
Saylor believes if the U.S. acquires between 4–6 million BTC, it could generate $50 trillion to $80 trillion in benefits for American citizens and taxpayers.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43858235/bitcoin-down-6-over-the-past-month-why-is-btc-not-going-up">Bitcoin Down 6% Over The Past Month: Why Is BTC Not Going Up?</a>
What's Next: Saylor highlighted Bitcoin as the economic armor which protects individuals from financial oppression and confiscation, much like a deterrent against economic control. He added that when you own BTC, "no mayor no government no collectivist no socialist can debank you they can&#8217;t take your money away they can&#8217;t impoverish you."
He describes Bitcoin as a fundamental shift in economic power, securing generational wealth and offering individuals true financial freedom.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43855374/studying-bitcoin-will-strengthen-us-czech-central-bank-governor-says">Studying Bitcoin Will Strengthen Us, Czech Central Bank Governor Says</a></li>
</ul>
Image: Shutterstock

Michael Saylor: 'Bitcoin Is Economic Armor', Calls On US To Accumulate BTC

CryptoQuant CEO Ki Young Ju has confirmed that altcoin season has officially started, but he notes a major shift in market behavior compared <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43627642/the-bitcoin-4-year-cycle-is-dead-analyst-says-adapt-or-die">to previous cycles</a>.
What Happened: In a <a href="https://x.com/ki_young_ju/status/1892785881158996173">post</a> on X on Friday, Ju stated, &#8220;Alt season has begun. No direct BTC-to-alt rotation, but stablecoin holders are favoring alts. Alt volume is 2.7x BTC.&#8221;
Unlike past alt seasons where Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dominance dictated capital flow into alternative cryptocurrencies, Ju argues that trading volume has now become the defining metric. 
This shift highlights the increasing role of stablecoin liquidity in driving altcoin markets, rather than capital rotation from Bitcoin.
Ju points out that Bitcoin's function within the crypto ecosystem has evolved significantly. 
Institutional adoption through ETFs, MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) holdings, and funds has effectively built a &#8220;paper-based Layer 2&#8221; ecosystem for Bitcoin, making it less connected to altcoin markets.
"Bitcoin is drifting away from the crypto ecosystem," Ju stated, explaining that BTC no longer serves as a bridge to altcoins in the same way it did in past cycles. This shift means altcoins must now attract their own liquidity, rather than relying on Bitcoin movements.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43861405/dave-portnoy-calls-for-a-crypto-cleanup-but-heres-what-could-make-that-tricky">Dave Portnoy Calls For A &#8216;Crypto Cleanup,&#8217; But Here&#8217;s What Could Make That Tricky</a>
Why It Matters: While the start of alt season is evident, Ju cautions that this cycle will be highly selective, favoring only certain projects. Unlike previous broad-based alt rallies, only a handful of altcoins will benefit, depending on their ability to create sustainable liquidity.
"Altcoins now have two options: create paper-wrapped versions like Bitcoin or build a real Internet money ecosystem using stablecoins or BTC," Ju advised, suggesting investors focus on projects that fit these models.
With Bitcoin no longer acting as a primary liquidity driver for altcoins, investors need to adjust their strategies. 
The days of simple BTC-to-alt rotations appear to be over, replaced by a more fragmented, utility-driven altcoin market.
As trading volume—not Bitcoin dominance—emerges as the key indicator, altcoin investors must look for projects that demonstrate strong independent liquidity flows rather than relying on broader market trends.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43861244/xrp-to-be-part-of-the-crypto-reserve-after-donald-trumps-social-media-post-not-so-fast-pol">XRP To Be Part Of The Crypto Reserve After Donald Trump&#8217;s Social Media Post? Not So Fast, Polymarket Traders Say</a></li>
</ul>
Image: Shutterstock

'Alt Season Has Begun,' Expert Says, But Will Ethereum, XRP, Solana Benefit?

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Below are some instances of options activity happening in the Information Technology sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SMCI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$60.00</td>
<td>$57.1K</td>
<td>35.5K</td>
<td>64.3K</td>
</tr>
<tr>
<td>INTC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/28/25</td>
<td>$26.00</td>
<td>$112.2K</td>
<td>11.7K</td>
<td>6.6K</td>
</tr>
<tr>
<td>APP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>04/17/25</td>
<td>$450.00</td>
<td>$35.5K</td>
<td>888</td>
<td>2.2K</td>
</tr>
<tr>
<td>MSTR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$250.00</td>
<td>$264.0K</td>
<td>3.0K</td>
<td>1.6K</td>
</tr>
<tr>
<td>COHR</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>03/21/25</td>
<td>$90.00</td>
<td>$58.5K</td>
<td>259</td>
<td>1.1K</td>
</tr>
<tr>
<td>ARM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/18/25</td>
<td>$155.00</td>
<td>$43.3K</td>
<td>576</td>
<td>855</td>
</tr>
<tr>
<td>AAOI</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>03/21/25</td>
<td>$30.00</td>
<td>$27.5K</td>
<td>7.3K</td>
<td>733</td>
</tr>
<tr>
<td>GWRE</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$200.00</td>
<td>$332.8K</td>
<td>81</td>
<td>707</td>
</tr>
<tr>
<td>TWLO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/19/25</td>
<td>$110.00</td>
<td>$25.4K</td>
<td>148</td>
<td>650</td>
</tr>
<tr>
<td>AMD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/19/25</td>
<td>$135.00</td>
<td>$600.0K</td>
<td>3.3K</td>
<td>508</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For SMCI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), we notice a call option sweep that happens to be bullish, expiring in 1 day(s) on February 21, 2025. This event was a transfer of 143 contract(s) at a $60.00 strike. This particular call needed to be split into 33 different trades to become filled. The total cost received by the writing party (or parties) was $57.1K, with a price of $400.0 per contract. There were 35507 open contracts at this strike prior to today, and today 64339 contract(s) were bought and sold. 
• For INTC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), we notice a call option sweep that happens to be bullish, expiring in 8 day(s) on February 28, 2025. This event was a transfer of 2000 contract(s) at a $26.00 strike. This particular call needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $112.2K, with a price of $56.0 per contract. There were 11701 open contracts at this strike prior to today, and today 6684 contract(s) were bought and sold. 
• Regarding APP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>), we observe a call option sweep with neutral sentiment. It expires in 56 day(s) on April 17, 2025. Parties traded 8 contract(s) at a $450.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $35.5K, with a price of $4451.0 per contract. There were 888 open contracts at this strike prior to today, and today 2287 contract(s) were bought and sold. 
• For MSTR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), we notice a call option sweep that happens to be bullish, expiring in 330 day(s) on January 16, 2026. This event was a transfer of 20 contract(s) at a $250.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $264.0K, with a price of $13206.0 per contract. There were 3080 open contracts at this strike prior to today, and today 1661 contract(s) were bought and sold. 
• Regarding COHR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>), we observe a call option trade with neutral sentiment. It expires in 29 day(s) on March 21, 2025. Parties traded 150 contract(s) at a $90.00 strike. The total cost received by the writing party (or parties) was $58.5K, with a price of $390.0 per contract. There were 259 open contracts at this strike prior to today, and today 1191 contract(s) were bought and sold. 
• For ARM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), we notice a call option sweep that happens to be bearish, expiring in 148 day(s) on July 18, 2025. This event was a transfer of 22 contract(s) at a $155.00 strike. This particular call needed to be split into 8 different trades to become filled. The total cost received by the writing party (or parties) was $43.3K, with a price of $1970.0 per contract. There were 576 open contracts at this strike prior to today, and today 855 contract(s) were bought and sold. 
• For AAOI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAOI#NASDAQ">AAOI</a>), we notice a call option trade that happens to be neutral, expiring in 29 day(s) on March 21, 2025. This event was a transfer of 50 contract(s) at a $30.00 strike. The total cost received by the writing party (or parties) was $27.5K, with a price of $550.0 per contract. There were 7398 open contracts at this strike prior to today, and today 733 contract(s) were bought and sold. 
• Regarding GWRE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>), we observe a put option sweep with bullish sentiment. It expires in 29 day(s) on March 21, 2025. Parties traded 416 contract(s) at a $200.00 strike. This particular put needed to be split into 43 different trades to become filled. The total cost received by the writing party (or parties) was $332.8K, with a price of $800.0 per contract. There were 81 open contracts at this strike prior to today, and today 707 contract(s) were bought and sold. 
• For TWLO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>), we notice a put option sweep that happens to be bearish, expiring in 211 day(s) on September 19, 2025. This event was a transfer of 24 contract(s) at a $110.00 strike. This particular put needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $25.4K, with a price of $1060.0 per contract. There were 148 open contracts at this strike prior to today, and today 650 contract(s) were bought and sold. 
• Regarding AMD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), we observe a call option trade with bullish sentiment. It expires in 302 day(s) on December 19, 2025. Parties traded 500 contract(s) at a $135.00 strike. The total cost received by the writing party (or parties) was $600.0K, with a price of $1200.0 per contract. There were 3345 open contracts at this strike prior to today, and today 508 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

AAOI

COHR

GWRE

INTC

SMCI

TWLO

10 Information Technology Stocks With Whale Alerts In Today's Session

Editor's Note: This article has been updated to clarify that Elliott Investment Management purchased convertible senior notes of Wolfspeed and MicroStrategy.
Elliott Investment Management made several portfolio moves in the fourth quarter, closing multiple options positions and shaking up the activist firm&#8217;s <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/02/43811538/5-top-tech-stocks-hedge-funds-have-been-bullish-on-in-q4-hint-its-not-nvidia">technology exposure</a>.
According to a new&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/1791786/000101359425000294/xslForm13F_X02/primary_doc.xml" target="_blank" rel="noreferrer noopener">13-F</a>&nbsp;filing with the U.S. Securities and Exchange Commission, Elliott added the following new positions in the fourth quarter:
<ul>
<li>Wolfspeed Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) 0.25% and 1.875% convertible senior notes</li>
</ul>
<ul>
<li>NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) put options</li>
</ul>
<ul>
<li>SPDR Select Sector Fund Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) put options</li>
</ul>
<ul>
<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) put options</li>
</ul>
Here's a look at all of the positions Elliott added to during the fourth quarter:
<ul>
<li>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) increased by 369%</li>
</ul>
<ul>
<li>MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) increased convertible senior notes by 200%</li>
</ul>
<ul>
<li>CorMedix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRMD#NASDAQ">CRMD</a>) increased by 85%</li>
</ul>
<ul>
<li>HDFC Bank Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HDB#NYSE">HDB</a>) increased by 6%</li>
</ul>
Here&#8217;s a look at all of the positions Elliott closed during the fourth quarter:
<ul>
<li>Catalent Inc (CTLC) </li>
</ul>
<ul>
<li>Cardinal Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAH#NYSE">CAH</a>)</li>
</ul>
<ul>
<li>Unity Software Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>)</li>
</ul>
<ul>
<li>BILL Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BILL#NYSE">BILL</a>)</li>
</ul>
Elliott closed out of calls in several names including Arm Holdings, American Airlines and Alaska Air Group. The firm also closed multiple put positions including Equinix, Hyatt Hotels and Host Hotels.
Here's a look at all of the positions Elliott trimmed during the fourth quarter:
<ul>
<li>ICON Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) decreased by 62%</li>
</ul>
<ul>
<li>RingCentral Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>) decreased by 55%</li>
</ul>
<ul>
<li>NRG Energy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) decreased by 50%</li>
</ul>
<ul>
<li>Confluent Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFLT#NASDAQ">CFLT</a>) decreased by 37%</li>
</ul>
<ul>
<li>Southwest Airlines Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) decreased by 2%</li>
</ul>
The above information does not include call or put options that were added to or trimmed&nbsp;during the quarter.
This information was gathered using comparison tools from&nbsp;<a href="https://13f.info/13f/000101359425000294/compare/000101359424000968" target="_blank" rel="noreferrer noopener">13f.info</a>.
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/02/43811538/5-top-tech-stocks-hedge-funds-have-been-bullish-on-in-q4-hint-its-not-nvidia">5 Top Tech Stocks Hedge Funds Have Been Bullish On In Q4 (Hint: It&#8217;s Not Nvidia)</a></li>
</ul>
This illustration was generated using artificial intelligence via Midjourney.

Elliott Investment Management Bets Against Nvidia In Q4 (CORRECTED)

Offerings

Strategy Announces $2B Convertible Notes Offering Due 2030 With Additional $300M Option; Closing Expected February 2025

Influential economist and market commentator Peter Schiff expressed concerns over Strategy Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) convertible debt offerings on Wednesday, hinting at potential financial troubles for the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury company.
What Happened: Schiff took to X to highlight the 4.5% decline in the company&#8217;s shares despite Bitcoin&#8217;s gain of 2.5%. 
&#8220;It looks like the new MSTR convertible notes aren&#8217;t going over too well,&#8221; Schiff wrote
Schiff suggested that if the company&#8217;s shares continue to trade&nbsp;at a discount to its&nbsp;Bitcoin holdings, it could lead to a negative Bitcoin yield.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It looks like the new <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> convertible notes aren&#39;t going over too well. Shares are down 4.5% today, even with Bitcoin up 2.5%. When MSTR trades at a discount to its Bitcoin holdings, the game is over, as selling MSTR shares to buy Bitcoin will produce a negative Bitcoin yield.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1892308394721050628?ref_src=twsrc%5Etfw">February 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The Michael Saylor-led firm introduced the &#8220;Bitcoin Yield&#8221; metric last year which measures the percentage change in the number of Bitcoins it owns per share over a period of time. According to the MSTR tracker, the Bitcoin <a href="https://www.mstr-tracker.com/">yield </a>was 4.14% as of this writing.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43826697/bitcoin-early-in-bull-market-can-compete-with-gold-etfs-blockstream-ceo-says">Bitcoin &#8216;Early In Bull Market,&#8217; Can Compete With Gold ETFs, Blockstream CEO Says</a>
Why It Matters: This isn&#8217;t the first time Schiff has expressed skepticism about Strategy&#8217;s convertible debt approach to fund Bitcoin purchases. 
In November of last year, he argued that the company&#8217;s commitment to repay a large sum of money to debt holders could be at risk if Bitcoin drops significantly, <a href="https://www.benzinga.com/24/11/42237876/peter-schiff-predicts-microstrategys-bankruptcy-due-to-bitcoin-investment-strategy">leading to a potential bankruptcy</a>.
A convertible note is a hybrid instrument that can be exchanged for equity in the company at a later date. The conversion feature of these notes eventually<a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them" target="_blank" rel="noreferrer noopener">&nbsp;helps the debt holders</a>&nbsp;to participate in the equity upside on conversion.
Strategy has been one of the most aggressive corporate investors in Bitcoin, holding a stockpile worth over $46.5 billion, <a href="https://bitcointreasuries.net/">according</a> to bitcointreasuries.net. Earlier this week, the company announced plans to<a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43806833/michael-saylors-strategy-to-raise-another-2-billion-to-buy-more-bitcoin"> issue $2 billion in convertible debt</a> to buy more Bitcoin. 
Price Action: At the time of writing, Bitcoin was exchanging hands at $97,095.53, up 1.55% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Shares of MicroStrategy were up 1.21% in after-hours trading, after closing 4.58% lower at $318.67 during Wednesday's trading session, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the stock has gained 10%.
Image via Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43825637/donald-trump-says-us-is-successfully-negotiating-with-russia-over-ukraine-but-polymarket-traders-arent-convinced">Donald Trump Says US Is &#8216;Successfully Negotiating With Russia&#8217; Over Ukraine, But Polymarket Traders Aren&#8217;t Convinced</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Peter Schiff Says Michael Saylor-Led Strategy's Convertible Debt Offerings 'Aren't Going Well' As Stock Falls Despite Bitcoin's Gain

Editor&#8217;s Note: This story has been updated to correct the &#8220;21/21 Plan&#8221; details in paragraph 6.
Michael Saylor's Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), the largest corporate Bitcoin holder in the world, intends to issue $2 billion in convertible debt through a private offering, to buy more Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)
What Happened: On Tuesday, the company announced plans to offer the notes to institutional investors through a private placement, including an additional $300 million option for early buyers. The notes, set to mature on March 1, 2030, will be convertible into cash, stock, or a combination of both at Strategy's discretion.
The notes will neither accrue regular interest nor increase in value, meaning their principal amount will stay constant over time. Strategy reserves the right to redeem the notes for cash beginning March 5, 2027, but only if its stock price remains at least 130% above the conversion price for a designated period.
Investors have the right to request a repurchase on March 1, 2028, or in the case of a significant corporate change, at the principal amount along with any accrued special or additional interest.
The firm, led by Saylor, stated that the proceeds would mainly be used to acquire more Bitcoin, with a portion set aside for working capital.
SEE ALSO: <a href="https://www.benzinga.com/tech/25/02/43802471/apples-leaked-renders-show-iphone-17-air-and-pro-getting-unique-camera-islands-but-base-models-looks-may-disappoint-some">Apple&#8217;s Leaked Renders Show iPhone 17 Air And Pro Getting Unique Camera Islands —But Base Model&#8217;s Looks May Disappoint Some</a>
Why It Matters: The initiative is part of the company's larger 21/21 Plan that aims to secure $21 billion from equity offerings and an additional $21 billion through fixed-income securities between 2025 and 2027. This is the company&#8217;s first simple convertible offering since it secured over $560 million at a substantial discount.
This decision also comes after a week wherein the company refrained from raising funds through share sales or debt to purchase Bitcoin, a strategy it had frequently employed in the past.
Strategy&#8217;s ambitious Bitcoin investment plan, therefore, could be seen as a move to capitalize on the increasing acceptance of Bitcoin as a legitimate institutional asset. However, Saylor opined that <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43793078/michael-saylor-bitcoin-adoption-hindered-by-institutional-under-allocation">institutional investors are yet to allocate</a> sufficient capital to Bitcoin, despite its growing acceptance as a financial asset.
He also noted that recent regulations are simplifying the process for companies to include Bitcoin in their balance sheets. For instance, the Financial Accounting Standards Board&#8217;s fair value accounting rules mandate that companies report cryptocurrencies at their fair market value.
Strategy&#8217;s bold move comes in the wake of a 20% reduction in workforce and over a 14% drop in the company&#8217;s stock value since last month. The company, which&nbsp;held 478,740 Bitcoin as of&nbsp;Feb. 17, has seen its stock surge over 370% during the past year.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/25/02/43802574/bitcoin-ethereum-dogecoin-slide-further-while-stocks-rally-analyst-spots-a-good-sign-for-eths-mid-term-and-long-term-price-outlooks">Bitcoin, Ethereum, Dogecoin Slide As Stocks Rally: Analyst Spots &#8216;Good Sign&#8217; For ETH&#8217;s Mid-Term And Long-Term Price Outlooks</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Michael Saylor's Strategy To Raise Another $2 Billion To Buy More Bitcoin (CORRECTED)

US Commerce Secretary Howard Lutnick&#8216;s hedge fund Cantor Fitzgerald LP increased the firm&#8217;s exposure to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Chinese technology companies during the fourth quarter of 2024, when Donald Trump was reelected as the President.
What Happened: Lutnick is the chairman and CEO of Cantor Fitzgerald, who was Trump&#8217;s pick to serve as the U.S. Secretary of Commerce. The fund added many Bitcoin-related stocks and exchange-traded funds to its portfolio in the fourth quarter amid the span of the U.S. elections, results for which were declared on Nov. 5.
Here are the key changes made to the fund&#8217;s portfolio during the quarter.
<ul>
<li>While Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) was already a part of Fitzgerald&#8217;s portfolio during the third quarter, the stake was increased by 66% in the fourth quarter. However, the fund also added other stocks involved with BTC acquisition to its portfolio.</li>
</ul>
<ul>
<li>Michael Saylor&#8216;s Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), formerly MicroStrategy, and MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) were the new entrants in Fitzgerald&#8217;s portfolio. While the fund added a staggering 3,580,131 shares of MSTR worth $1.036 billion in the fourth quarter, about 170,362 of MARA were added.</li>
</ul>
<ul>
<li>Similarly, Fitzgerald was already exposed to BTC through one of its ETF holdings, iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>). It purchased an additional 1,127,368 shares or 221% of IBIT in the fourth quarter.</li>
</ul>
<ul>
<li>Other Bitcoin-related ETFs that the fund added to its portfolio included Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>), Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>), and Bitwise Bitcoin ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITB#NYSE">BITB</a>).</li>
</ul>
<ul>
<li>Apart from BTC, the company also increased its existing position in iShares Ethereum Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETHA#NASDAQ">ETHA</a>) by 35,750 shares or 140% to a value of $1.550 million.</li>
</ul>
<ul>
<li>Along with the cryptocurrency exposure, Cantor Fitzgerald was seen increasing stakes in China-based technology companies as it boosted its stake in Alibaba Group Holding Ltd ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) by 2504%, valued at $5.012 million, as of the fourth quarter.</li>
</ul>
<ul>
<li>Fitzgerald further hiked its holdings in Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and JD.Com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) by 333% and 98%, respectively.</li>
</ul>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>Holdings (as of Sept. 30)</td>
<td>Holdings (as of Dec. 31)</td>
<td>Change (in %)</td>
<td>Value As Of Dec. 31</td>
</tr>
<tr>
<td>Strategy Inc. </td>
<td>0</td>
<td>3,580,131</td>
<td>0%</td>
<td>$1.036 billion</td>
</tr>
<tr>
<td>MARA Holdings Inc. </td>
<td>0</td>
<td>170,362</td>
<td>0%</td>
<td>$2.856 million</td>
</tr>
<tr>
<td>Coinbase Global Inc. </td>
<td>2,401</td>
<td>3,988</td>
<td>66%</td>
<td>$990,000</td>
</tr>
<tr>
<td>iShares Bitcoin Trust ETF </td>
<td>509,386</td>
<td>1,636,754</td>
<td>221%</td>
<td>$86.829 million</td>
</tr>
<tr>
<td>iShares Ethereum Trust ETF </td>
<td>25,555</td>
<td>61,305</td>
<td>140%</td>
<td>$1.550 million</td>
</tr>
<tr>
<td>Grayscale Bitcoin Trust</td>
<td>0</td>
<td>7,150</td>
<td>0%</td>
<td>$529,000</td>
</tr>
<tr>
<td>Fidelity Wise Origin Bitcoin Fund </td>
<td>0</td>
<td>4,987</td>
<td>0%</td>
<td>$406,000</td>
</tr>
<tr>
<td>Bitwise Bitcoin ETF</td>
<td>0</td>
<td>4,336</td>
<td>0%</td>
<td>$220,000</td>
</tr>
<tr>
<td>Alibaba Group Holding Ltd ADR </td>
<td>2,270</td>
<td>59,119</td>
<td>2504%</td>
<td>$5.012 million</td>
</tr>
<tr>
<td>Baidu Inc. </td>
<td>92,330</td>
<td>399,975</td>
<td>333%</td>
<td>$33.721 million</td>
</tr>
<tr>
<td>JD.Com Inc. </td>
<td>36,740</td>
<td>72,745</td>
<td>98%</td>
<td>$2.522 million</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: <a href="https://13f.info/13f/000092963825000760/compare/000092963824003880">13F.info</a></figcaption></figure>
See Also: <a href="https://www.benzinga.com/general/market-summary/25/02/43806017/alibabas-q4-shakeup-many-asian-funds-exit-while-us-based-funds-like-ubs-oconnor-marathon-assetmark-cantor-fitzgerald-double-down">Alibaba Sees Asian Funds Exiting In Q4 Even As Their US Peers UBS O&#8217;Connor, Marathon, AssetMark, And Cantor Fitzgerald Double Down</a>
Why It Matters: According to its 13F filings with the SEC, the fund had 275 holdings valued at $5.020 billion as of the fourth quarter.
The Senate confirmed Howard Lutnick as Trump&#8217;s commerce secretary on Tuesday with a 51-45 vote, which fell along party lines. Lutnick had previously served as an adviser during Trump&#8217;s transition to his second term in the White House.
As Lutnick is part of the Trump 2.0 cabinet it is unclear if he will continue to serve as the CEO of the fund. Meanwhile, the fund has many co-CEOs including Pascal Bandelier, Sage Kelly, and Christian Wall.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43805475/big-bets-on-ai-powered-precision-medicine-major-funds-from-ark-and-jpmorgan-to-blackrock-and-citadel-add-tempus-ai-to-their-portfolio">Tempus AI Sees Surge In Institutional Holdings In Q4: Cathie Wood&#8217;s Ark Invest, JPMorgan, And BlackRock Load Up On TEM Stock</a></li>
</ul>
Photo courtesy: Cantor Fitzgerald

Equities

Market Summary

ETFs

BABA

BIDU

Bitwise Bitcoin ETF Common Shares of Beneficial Interest

BITB

COIN

ETHA

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

GBTC

IBIT

US Commerce Secretary Howard Lutnick's Cantor Fitzgerald Increases Bitcoin Exposure Via ETFs, MSTR, MARA; Adds Chinese Firms Like BABA, Baidu, JD In Q4

Strategy intends to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital.

Strategy Reveals Proposed Private Offering Of $2B Of Convertible Senior Notes

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) Executive Chairman Michael Saylor on Tuesday said he believes institutional investors have yet to allocate enough capital to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), despite its increasing acceptance as a financial asset.
&#8220;If it's a legitimate institutional asset, everybody is under-allocated to it,&#8221; he <a href="https://x.com/Cointelegraph/status/1891880357433311365">told</a> CNBC.
New regulations are making it easier for companies to hold Bitcoin on their balance sheets, Saylor added. The Financial Accounting Standards Board's fair value accounting rules, for example, require companies to report cryptocurrencies at fair market value.
&#8220;Fair value accounting is going to create much more transparency and clarity in P&amp;Ls and balance sheets for any companies that are holding Bitcoin,&#8221; Saylor explained. This could encourage corporations to treat Bitcoin as a treasury reserve asset, similar to government bonds and sovereign debt.
Saylor compared Bitcoin's growth to past technological shifts, drawing parallels to how companies like Apple and Google reshaped communication and information access. 
He argued that Bitcoin represents the digitization of capital, with global financial markets gradually moving toward broader adoption. &#8220;Right now, 99.9% of the capital in the world is tied up in real estate, stocks, precious metals, and bonds,&#8221; he said. 
&#8220;As people get educated on digital assets, they realize they should be allocating more and more of their capital to this digital asset.&#8221;
Saylor also suggested that the market is still in the early stages of a major transition.
&#8220;If Bitcoin's not going to zero, it's going to a million,&#8221; he said, reinforcing his belief that increased institutional participation will push Bitcoin's valuation significantly higher over time.
Bitcoin's price has seen a strong rally in recent months, a trend Saylor attributes to a combination of institutional demand, macroeconomic conditions, and upcoming market events. 
Spot Bitcoin ETF approval, a shift in Federal Reserve policy, and the Bitcoin halving are factors that fueled bullish sentiment.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43781183/state-pension-funds-key-to-bitcoin-hitting-500k-long-only-money-needed-standard-chartered">State Pension Funds Key To Bitcoin Hitting $500K, Long-Only Money Needed: Standard Chartered</a>
&#8220;The spot ETF news is good news. Loosening of monetary policy is good news. Inflation anywhere in the world drives Bitcoin adoption,&#8221; he said.
He also highlighted the impact of the Bitcoin halving, an event that reduces the number of new Bitcoin entering circulation. 
&#8220;The halving is going to cut the available supply of Bitcoin for sale in half from the miners,&#8221; Saylor explained. 
With a limited supply and increasing institutional interest, he believes Bitcoin remains well-positioned for long-term growth.
Saylor also dismissed concerns about mining centralization, arguing that the industry remains geographically diverse. 
&#8220;People focus on mining pools, but the actual mining is taking place in Bhutan, Argentina, South America, Texas, Europe, Iceland, and Africa,&#8221; he said. 
He noted that miners tend to migrate toward regions with abundant, low-cost energy sources, ensuring decentralization over the long term.
With regulatory clarity improving, institutional adoption increasing, and macroeconomic factors supporting demand, Saylor expects Bitcoin to attract more investors.
&#8220;We've got a confluence of very bullish milestones over the next six months,&#8221; he said, suggesting that Bitcoin's trajectory remains upward.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43781183/state-pension-funds-key-to-bitcoin-hitting-500k-long-only-money-needed-standard-chartered">State Pension Funds Key To Bitcoin Hitting $500K, Long-Only Money Needed: Standard Chartered</a></li>
</ul>
Image: Shutterstock

Michael Saylor: Bitcoin Adoption Hindered By Institutional Under-Allocation

MicroStrategy Says Between Feb 10-17, Did Not Sell Any Class A Common Stock Under Its ATM Equity Offering Program, Did Not Purchase Any Bitcoin

Big billion-dollar funds increased their stakes in GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) during the fourth quarter of 2024, following a third quarter in which it held $4.616 billion in cash and cash equivalents. This comes as <a href="https://www.benzinga.com/general/gaming/25/02/43715293/gamestop-stock-jumps-on-report-its-considering-bitcoin-crypto-investments">recent reports</a> suggest the video game retailer is planning to buy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and other cryptocurrencies.
What Happened: GameStop, which has $4.616 billion in cash and cash equivalents, according to its third quarter 10-Q filing was added to the portfolios of many large funds.
<ul>
<li>As of the fourth quarter 13F filings, about 143 million shares of GME valued at $4.5 billion were held by 356 funds.</li>
<li>UBS Group AG increased its stake in the company by 1635% during the fourth quarter.</li>
<li>Ken Griffin&#8216;s Citadel Advisors added 52%, whereas BlackRock just added 8%, valuing its total stake in the company at $1.091 billion</li>
<li>Renaissance Technologies and JPMorgan Chase reduced their stakes by 57% and 56%, respectively.</li>
</ul>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Funds</td>
<td>Holdings (as of Sept. 30)</td>
<td>Holdings (as of Dec. 31)</td>
<td>Change (in %)</td>
<td>Value As Of Dec. 31</td>
</tr>
<tr>
<td>UBS Group AG</td>
<td>183,949</td>
<td>3,190,980</td>
<td>1635%</td>
<td>$100 million</td>
</tr>
<tr>
<td>Citadel Advisors LLC</td>
<td>2,400,543</td>
<td>3,658,769</td>
<td>52%</td>
<td>$114.665 million</td>
</tr>
<tr>
<td>BlackRock Inc</td>
<td>32,241,728</td>
<td>34,821,144</td>
<td>8%</td>
<td>$1.091 billion</td>
</tr>
<tr>
<td>Morgan Stanley</td>
<td>1,272,904</td>
<td>1,626,720</td>
<td>28%</td>
<td>$50.981 million</td>
</tr>
<tr>
<td>Goldman Sachs Group Inc</td>
<td>165,434</td>
<td>196,818</td>
<td>19%</td>
<td>$6.168 million</td>
</tr>
<tr>
<td>Renaissance Technologies LLC</td>
<td>1,896,464</td>
<td>817,848</td>
<td>-57%</td>
<td>$25.631 million</td>
</tr>
<tr>
<td>JPMorgan Chase &amp; Co.</td>
<td>1,548,192</td>
<td>678,433</td>
<td>-56%</td>
<td>$21.262 million</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/general/market-summary/25/02/43762416/billionaire-ray-dalios-bridgewater-trims-holdings-in-6-of-magnificent-7-stocks-amid-valuation-concerns-adds-this-automotive-stock-after-3-years">Billionaire Ray Dalio&#8217;s Bridgewater Trims Holdings In 6 Of &#8216;Magnificent 7&#8217; Stocks Amid Valuation Concerns, Adds This Automotive Stock After 3 Years</a>
Why It Matters: The chairman and CEO of GME, Ryan Cohen sparked controversy following the Feb. 8 X post where he posed with Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), formerly MicroStrategy&#8217;s founder and CEO, Michael Saylor. The following week CNBC <a href="https://www.cnbc.com/2025/02/13/gamestop-is-considering-investing-in-bitcoin-and-other-cryptocurrencies-sources-say.html#:~:text=GameStop%20is%20exploring%20investments%20in,follow%20through%20with%20the%20investments">reported</a> that GameStop is likely to invest in cryptocurrencies.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/wlOwEGli6n">pic.twitter.com/wlOwEGli6n</a>
&mdash; Ryan Cohen (@ryancohen) <a href="https://twitter.com/ryancohen/status/1888098643732811864?ref_src=twsrc%5Etfw">February 8, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Saylor has positioned Strategy as a treasury or a levered play on Bitcoin as it purchases BTC by issuing 0% convertible debt and preferred shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STRK#NASDAQ">STRK</a>). GME&#8217;s Cohen is likely to follow in MSTR&#8217;s path and possibly purchase other coins too.
Economist Peter Schiff <a href="https://www.benzinga.com/25/02/43719682/peter-schiff-says-gamestop-has-thrown-a-hail-mary-by-considering-bitcoin-investments-draws-parallels-with-michael-saylors-strategy">criticized GameStop</a>&#8216;s potential Bitcoin investment as a &#8220;Hail Mary&#8221; move by a company lacking a &#8220;viable business plan&#8221;. He argues that Bitcoin is even more overvalued than GameStop stock, and compared the move to Strategy&#8217;s Bitcoin treasury strategy.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">GameStop, a company with no viable business plan, has thrown another Hail Mary by announcing that it might use its cash to buy Bitcoin. The irony is that Bitcoin is even more overpriced than GME. No matter; speculators are buying the stock anyway, hoping it becomes another MSTR.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1890166114677895302?ref_src=twsrc%5Etfw">February 13, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Price Action: GME rose by 2.62% on Friday and advanced further by 0.26% in the after-hours, whereas the exchange-traded fun tracking Russell 200 index, iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.075%.
GME shares have fallen 11.94% on a year-to-date basis, whereas it was up by 100.15% over the last year.
The price target of <a href="https://www.benzinga.com/quote/GME/analyst-ratings">one analyst</a> covering GME, Wedbush, is $10 with an ‘underperform' rating issued on Sept. 11, 2024. The average of three recent rating changes by the same analyst represents a 65.52% downside for the stock.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/GME/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="361" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/18004351/GME-ANR-1024x361.png" alt="" class="wp-image-785987" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/18004351/GME-ANR-1024x361.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/18004351/GME-ANR-300x106.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/18004351/GME-ANR-768x270.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/18004351/GME-ANR.png 1065w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43763438/trump-acting-like-a-mafia-don-says-this-economist-as-uncertainty-mounts-businesses-hold-back-in-fear-of-unforeseen-economic-shifts">Trump &#8216;Acting Like A Mafia Don,&#8217; Says This Economist As Uncertainty Mounts, Businesses Hold Back In Fear Of Unforeseen Economic Shifts</a></li>
</ul>
Photo courtesy: Shutterstock

Analyst Ratings

STRK

Ahead Of GameStop's Bitcoin Purchase Plans, BlackRock, Morgan Stanley, Goldman Sachs, And Other Billion Dollar Funds Load Up On GME Stock In Q4

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>NVDA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/14/25</td>
<td>$137.00</td>
<td>$45.8K</td>
<td>28.9K</td>
<td>279.9K</td>
</tr>
<tr>
<td>INTC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$25.00</td>
<td>$93.4K</td>
<td>46.8K</td>
<td>78.8K</td>
</tr>
<tr>
<td>SMCI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$50.00</td>
<td>$48.4K</td>
<td>28.3K</td>
<td>77.7K</td>
</tr>
<tr>
<td>PLTR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$120.00</td>
<td>$132.3K</td>
<td>19.7K</td>
<td>29.3K</td>
</tr>
<tr>
<td>MSTR</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$340.00</td>
<td>$29.3K</td>
<td>9.4K</td>
<td>15.6K</td>
</tr>
<tr>
<td>APP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>02/21/25</td>
<td>$500.00</td>
<td>$28.7K</td>
<td>1.1K</td>
<td>5.6K</td>
</tr>
<tr>
<td>DELL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/28/25</td>
<td>$105.00</td>
<td>$54.3K</td>
<td>5.2K</td>
<td>5.0K</td>
</tr>
<tr>
<td>AAPL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>03/07/25</td>
<td>$245.00</td>
<td>$25.6K</td>
<td>3.6K</td>
<td>2.0K</td>
</tr>
<tr>
<td>RIOT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$15.00</td>
<td>$33.8K</td>
<td>49.2K</td>
<td>1.2K</td>
</tr>
<tr>
<td>PANW</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$210.00</td>
<td>$32.5K</td>
<td>3.6K</td>
<td>1.2K</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For NVDA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), we notice a call option sweep that happens to be bullish, expiring in 3 day(s) on February 14, 2025. This event was a transfer of 236 contract(s) at a $137.00 strike. This particular call needed to be split into 11 different trades to become filled. The total cost received by the writing party (or parties) was $45.8K, with a price of $194.0 per contract. There were 28959 open contracts at this strike prior to today, and today 279941 contract(s) were bought and sold. 
• Regarding INTC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), we observe a call option sweep with bullish sentiment. It expires in 4 day(s) on February 21, 2025. Parties traded 1821 contract(s) at a $25.00 strike. This particular call needed to be split into 81 different trades to become filled. The total cost received by the writing party (or parties) was $93.4K, with a price of $52.0 per contract. There were 46831 open contracts at this strike prior to today, and today 78855 contract(s) were bought and sold. 
• For SMCI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), we notice a call option sweep that happens to be bullish, expiring in 4 day(s) on February 21, 2025. This event was a transfer of 265 contract(s) at a $50.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $48.4K, with a price of $184.0 per contract. There were 28343 open contracts at this strike prior to today, and today 77709 contract(s) were bought and sold. 
• For PLTR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>), we notice a call option sweep that happens to be bullish, expiring in 4 day(s) on February 21, 2025. This event was a transfer of 444 contract(s) at a $120.00 strike. This particular call needed to be split into 34 different trades to become filled. The total cost received by the writing party (or parties) was $132.3K, with a price of $298.0 per contract. There were 19701 open contracts at this strike prior to today, and today 29351 contract(s) were bought and sold. 
• For MSTR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), we notice a call option trade that happens to be bullish, expiring in 4 day(s) on February 21, 2025. This event was a transfer of 30 contract(s) at a $340.00 strike. The total cost received by the writing party (or parties) was $29.3K, with a price of $979.0 per contract. There were 9437 open contracts at this strike prior to today, and today 15671 contract(s) were bought and sold. 
• Regarding APP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>), we observe a call option sweep with neutral sentiment. It expires in 4 day(s) on February 21, 2025. Parties traded 12 contract(s) at a $500.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $28.7K, with a price of $2395.0 per contract. There were 1149 open contracts at this strike prior to today, and today 5694 contract(s) were bought and sold. 
• Regarding DELL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), we observe a call option sweep with bullish sentiment. It expires in 11 day(s) on February 28, 2025. Parties traded 44 contract(s) at a $105.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $54.3K, with a price of $1235.0 per contract. There were 5219 open contracts at this strike prior to today, and today 5035 contract(s) were bought and sold. 
• For AAPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), we notice a call option trade that happens to be bearish, expiring in 18 day(s) on March 7, 2025. This event was a transfer of 50 contract(s) at a $245.00 strike. The total cost received by the writing party (or parties) was $25.6K, with a price of $512.0 per contract. There were 3624 open contracts at this strike prior to today, and today 2037 contract(s) were bought and sold. 
• For RIOT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), we notice a call option trade that happens to be bullish, expiring in 123 day(s) on June 20, 2025. This event was a transfer of 200 contract(s) at a $15.00 strike. The total cost received by the writing party (or parties) was $33.8K, with a price of $169.0 per contract. There were 49223 open contracts at this strike prior to today, and today 1235 contract(s) were bought and sold. 
• For PANW (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), we notice a call option trade that happens to be bullish, expiring in 59 day(s) on April 17, 2025. This event was a transfer of 50 contract(s) at a $210.00 strike. The total cost received by the writing party (or parties) was $32.5K, with a price of $650.0 per contract. There were 3698 open contracts at this strike prior to today, and today 1212 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

AAPL

DELL

10 Information Technology Stocks Whale Activity In Today's Session

MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has outperformed the market over the past 10 years by 23.12% on an annualized basis producing an average annual return of 34.27%. Currently, MicroStrategy has a market capitalization of $85.43 billion. 
Buying $100 In MSTR: If an investor had bought $100 of MSTR stock 10 years ago, it would be worth $1,903.88 today based on a price of $338.55 for MSTR at the time of writing.
<h3>MicroStrategy's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1739808908_0_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In MicroStrategy 10 Years Ago Would Be Worth This Much Today

The two-week-old preferred shares issued by Michael Saylor-led Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) have been seven times more liquid, outperforming its peers by 19%. However, according to an analysis, &#8220;yield is very high&#8221;.
What Happened: Saylor is the founder and chairman of the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury company, erstwhile known as MicroStrategy, which issued 7,300,000 shares of 8.00% Series A Perpetual Strike Preferred Stock at $80.00 per share (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STRK#NASDAQ">STRK</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43399688/microstrategy-prices-preferred-stock-offering-at-80-per-share-seeks-563m-to-buy-bitcoin">on</a> Jan. 31.
According to the Bloomberg data shared by Saylor in a graphic via an X post, these preferred shares demonstrate significantly higher liquidity than their peers, boasting seven times the trading volume. Additionally, these shares have outperformed the other preferred equity by &#8220;~19% over the first two weeks of trading&#8221;.
Comparing the first two weeks of other preferred shares since 2022, STRK&#8217;s mean return has been 17.6% higher while others have declined by 1.1%. Also, the average dollar trading volume of STRK&#8217;s face value has been at $46 a piece, which compares to the mean of $6 per share for other preferred equity over the first two weeks of their listing.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In the initial two weeks of trading, <a href="https://twitter.com/search?q=%24STRK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STRK</a> is the best performing and most liquid perpetual preferred security. <a href="https://t.co/bAA1CSS7Cn">pic.twitter.com/bAA1CSS7Cn</a>
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1890777017823453545?ref_src=twsrc%5Etfw">February 15, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: This preferred stock offering follows Strategy&#8217;s recent Bitcoin acquisitions and reinforces the company&#8217;s strategy of <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43399688/microstrategy-prices-preferred-stock-offering-at-80-per-share-seeks-563m-to-buy-bitcoin">leveraging its market position</a> to accumulate more of the cryptocurrency.
An analysis by <a href="https://www.benzinga.com/content/43755797/microstrategys-8-preferred-stock-what-investors-should-know">Market Beat says</a> that &#8220;An increase in the price of the preferred shares will push the yield down, and a drop in price will push the yield&#8221;
Despite the increase in STRK value by 16.10% to $94.04 apiece since inception, the note stated that &#8220;Yield is very high. It is significantly above many preferred equity ETFs that are closer to 6%.&#8221;
&#8220;Additionally, it is a way to indirectly wager on the price of Bitcoin due to Strategy&#8217;s common stock correlation with the crypto,&#8221; it added.
Strategy held an aggregate of approximately 478,740 bitcoins as of Feb. 10. These coins represent 2.28% of the total supply of all Bitcoins which were acquired at an aggregate price of $31.1 billion and an average purchase price of approximately $65,033 per coin, according to its SEC filing. The holdings were valued at $46.148 billion, <a href="https://treasuries.bitbo.io/#public">as per</a> BiTBO.
See Also: <a href="https://www.benzinga.com/general/market-summary/25/02/43762416/billionaire-ray-dalios-bridgewater-trims-holdings-in-6-of-magnificent-7-stocks-amid-valuation-concerns-adds-this-automotive-stock-after-3-years">Billionaire Ray Dalio&#8217;s Bridgewater Trims Holdings In 6 Of &#8216;Magnificent 7&#8217; Stocks Amid Valuation Concerns, Adds This Automotive Stock After 3 Years</a>
Price Action: MSTR rose by 3.94% on Friday and advanced further by 0.24% in after-hours. The exchange-traded fund tracking the Nasdaq 100 index, Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose by 0.42% to close at $538.15 on the same day.
MSTR shares have gained 12.57% on a year-to-date basis, whereas it was up by 379.05% over the last year.
The average price target among 14 <a href="https://www.benzinga.com/quote/MSTR/analyst-ratings">analysts tracked by Benzinga</a> is $494.93 with a ‘buy' rating. The estimates range from $140 to $690 apiece. Recent ratings from Barclays, Keefe, Bruyette &amp; Woods, and Maxim Group suggest a $493.67 target, implying a potential upside of 45.82%.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/MSTR/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="385" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/17060047/MSTR-ANR-Feb.-17-1024x385.png" alt="" class="wp-image-785246" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/17060047/MSTR-ANR-Feb.-17-1024x385.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/17060047/MSTR-ANR-Feb.-17-300x113.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/17060047/MSTR-ANR-Feb.-17-768x289.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/17060047/MSTR-ANR-Feb.-17.png 1054w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43763438/trump-acting-like-a-mafia-don-says-this-economist-as-uncertainty-mounts-businesses-hold-back-in-fear-of-unforeseen-economic-shifts">Trump &#8216;Acting Like A Mafia Don,&#8217; Says This Economist As Uncertainty Mounts, Businesses Hold Back In Fear Of Unforeseen Economic Shifts</a></li>
</ul>
Photo courtesy: MicroStrategy

Strategy's Preferred Shares Outpace Peers By 19%, Offer 7x Higher Liquidity Over First Two Weeks: Analysis Highlights 'Very High Yields'

<a href="https://in.benzinga.com/news/global/25/02/43483622/bukeles-big-house-el-salvador-offers-us-a-prison-deal-like-no-other-musk-says-great-idea">El Salvador's President Nayib Bukele</a> met with MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) co-founder Michael Saylor on Thursday at the country's presidential palace, according to the country&#8217;s National Bitcoin Office.
What Happened: While the specifics of their discussion remain undisclosed, the meeting brought together two of Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) most outspoken supporters at a time when El Salvador is adjusting its cryptocurrency policies.
Bukele <a href="https://x.com/nayibbukele/status/1890121069941707068">shared</a> a photo of the dinner on social media, and the National Bitcoin Office later released additional images.
Saylor also tweeted photos of the encounter, <a href="https://x.com/saylor/status/1890397311504638075">saying</a> the discussion focused on El Salvador benefiting from and accelerating &#8220;global Bitcoin adoption.&#8221;
Around the same time, El Salvador added one Bitcoin to its reserves, bringing its total holdings to 6,077 BTC, valued at approximately $590 million, according to Arkham Intelligence data. 
The country continues to purchase Bitcoin through a strategy of daily dollar-cost averaging.
Saylor's company, MicroStrategy, has also been steadily expanding its Bitcoin portfolio over the last few months. 
The firm recently acquired 7,633 BTC, pushing its total Bitcoin reserves to 478,740 BTC, <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43535901/strategy-ex-microstrategy-with-bullish-outlook-but-challenges-remain-report">worth an estimated $46 billion.</a>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43735243/bad-trump-to-good-trump-means-bitcoin-could-go-to-102500-standard-chartered-says">&#8216;Bad Trump To Good Trump&#8217; Means Bitcoin Could Go To $102,500, Standard Chartered Says</a>
Why It Matters: The meeting occurred against the backdrop of regulatory changes in El Salvador's Bitcoin policy.
Although the country made Bitcoin legal tender in 2021, recent amendments to its Bitcoin law were introduced to align with conditions set by the International Monetary Fund for a $1.4 billion loan agreement. 
These amendments prevent Bitcoin from being used for tax payments and government fees and restrict the government's ability to directly manage BTC holdings. 
Additionally, changes to Article 8 remove the state's obligation to facilitate Bitcoin transactions, which could impact the future use of Chivo, the government-backed cryptocurrency wallet.
The International Monetary Fund has been a consistent critic of El Salvador's Bitcoin strategy, warning that its widespread adoption could pose risks to financial stability. 
As part of the loan agreement, the country is expected to scale back aspects of its Bitcoin program, raising speculation about how its policies will evolve in the coming years.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43731983/gamestop-buying-bitcoin-is-a-hail-mary-from-a-company-with-no-viable-business-plan-peter-schiff">GameStop Buying Bitcoin Is A &#8216;Hail Mary&#8217; From A Company With &#8216;No Viable Business Plan&#8217;: Peter Schiff</a></li>
</ul>
Image: Shutterstock

El Salvador's Bitcoin President Nayib Bukele Meets Michael Saylor To 'Accelerate Adoption'

GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares are trading higher on Friday following a report suggesting that the company is considering investing in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) along <a href="https://www.benzinga.com//node/43727179">with other cryptocurrencies</a>.
The Details: According to <a href="https://www.cnbc.com/2025/02/13/gamestop-is-considering-investing-in-bitcoin-and-other-cryptocurrencies-sources-say.html">CNBC</a>, citing sources familiar with the matter, the company is struggling to decide if the investment in cryptocurrencies makes sense. The stock surged as much as 20% in after-hours trading on Thursday after the news broke.
GameStop previously launched crypto wallets which let users manage their crypto and nonfungible tokens, but the company shut down the service in 2023 due to &#8220;regulatory uncertainty.&#8221;
To keep the business profitable despite a lack of growth, CEO Ryan Cohen has prioritized reducing expenses and optimizing operations. In a November 2 filing, the company reported having $4.6 billion in cash, which it has been using for investments and could use for a potential cryptocurrency investment.
In December 2023, GameStop revised its policies to give the CEO, two independent board members and necessary staff control over the company&#8217;s securities investments. Under the new policy, investments must adhere to specific guidelines or receive approval through a unanimous committee vote or a majority vote from the full board.
GameStop is not the first company to consider investing in cryptocurrencies. MicroStrategy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has bought billions of dollars worth of Bitcoin and is currently the largest corporate holder of the cryptocurrency.
Related Link:<a href="https://www.benzinga.com/25/02/43730446/jfrog-analysts-increase-their-forecasts-after-better-than-expected-earnings"> JFrog Analysts Increase Their Forecasts After Better-Than-Expected Earnings</a>
GME Price Action: At the time of writing, GameStop shares are trading 5.58% higher at $27.81, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: via Shutterstock

Movers

What's Going On With GameStop Shares Friday?

Even as GameStop's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) <a href="https://www.benzinga.com/25/02/43727179/gamestop-stock-surges-over-8-in-pre-market-trading-on-friday-on-reports-of-cryptocurrency-investments">stock surged on reports</a> that the company is considering investing in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), economist Peter Schiff sees the move as a desperate attempt to stay relevant.
What Happened: Schiff, a long-time Bitcoin critic, <a href="https://x.com/PeterSchiff/status/1890166114677895302">said</a> on Thursday on X that while GameStop has no viable business model, the irony is that Bitcoin itself is even more overpriced than the video game retailer's stock.
GameStop, which has struggled to maintain consistent profitability, saw its shares rise 8.6% in pre-market trading Friday after reports surfaced that the company is exploring Bitcoin and other cryptocurrency investments. 
CNBC reported that GameStop is still evaluating whether such a move aligns with its business strategy, and no final decision has been made. 
Despite the uncertainty, the stock jumped as much as 20% in extended trading as speculators reacted to the news.
The potential shift into crypto comes after years of speculation that the company might integrate digital assets into its strategy. 
In 2022, GameStop launched a crypto wallet for handling cryptocurrencies and NFTs, but the service was discontinued in 2023 due to regulatory concerns. 
Under CEO Ryan Cohen, the company has focused on cost-cutting and optimizing operations to maintain stability. 
According to a December securities filing, GameStop had $4.6 billion in cash reserves as of Nov. 2, funds that Cohen has been leveraging for investments.
Schiff likened GameStop's possible crypto investment to a &#8220;Hail Mary&#8221; play, comparing it to MicroStrategy&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NYSE">MSTR</a>) aggressive Bitcoin strategy led by Michael Saylor. 
According to Schiff, GameStop is a company with &#8220;no viable business plan.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43702814/bitcoin-mining-equipment-seized-at-us-ports-nationwide-report">Bitcoin Mining Equipment Seized At US Ports Nationwide: Report</a>
Why It Matters: While some investors see Bitcoin as a way to hedge against inflation and diversify corporate balance sheets, Schiff dismissed the move as irrational speculation.
Adding to his critique, Schiff used the moment to advocate for silver, calling it &#8220;the new Bitcoin, except with real value.&#8221; 
He <a href="https://x.com/PeterSchiff/status/1890360750117449965">noted</a> that silver had climbed above $33.38, its highest price since October, and urged investors to buy before prices rise further.
GameStop's potential Bitcoin investment remains uncertain, but the stock's volatility highlights the continued influence of crypto speculation on financial markets. 
Whether the company follows through or not, the market reaction signifies how digital assets continue to shape corporate investment strategies.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43699338/opensea-launches-os2-platform-with-token-trading-and-sea-community-token">OpenSea Launches OS2 Platform With Token Trading And $SEA Community Token</a></li>
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Image: Shutterstock

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Date	Put/Call	Strike Price	Exp Date	DTE	Trade Vol	Day Vol	Vol / OI	OI	Trade Type	Sentiment
03:53 PMFeb 20, 2025	CALL	$450.00	Jan 15, 2027	690	111	115	11	1035	TRADE	BEARISH
02:30 PMFeb 20, 2025	CALL	$250.00	Jan 16, 2026	326	2235	182	73	3080	SWEEP	NEUTRAL
01:55 PMFeb 20, 2025	CALL	$80.00	Feb 21, 2025	-3	0	150	0	835	TRADE	BULLISH
01:38 PMFeb 20, 2025	CALL	$400.00	Jul 18, 2025	144	280	200	29	959	SWEEP	BEARISH
01:10 PMFeb 20, 2025	CALL	$230.00	Mar 21, 2025	25	98	72	7	1320	SWEEP	BULLISH
10:17 AMFeb 20, 2025	CALL	$350.00	Jan 16, 2026	326	176	113	8	2195	SWEEP	BEARISH
03:59 PMFeb 19, 2025	CALL	$215.00	Feb 21, 2025	-3	916	178	68	1356	SWEEP	BULLISH
03:08 PMFeb 19, 2025	CALL	$5.00	Mar 21, 2025	25	70	20	38	183	TRADE	NEUTRAL
01:50 PMFeb 19, 2025	PUT	$330.00	Mar 21, 2025	25	806	200	21	3777	TRADE	NEUTRAL
01:17 PMFeb 19, 2025	CALL	$0.50	Jan 16, 2026	326	141	20	1	15371	SWEEP	BULLISH
01:09 PMFeb 19, 2025	CALL	$300.00	Jan 16, 2026	326	237	81	9	2554	SWEEP	BEARISH
01:03 PMFeb 19, 2025	CALL	$300.00	Jan 16, 2026	326	177	63	7	2554	SWEEP	BULLISH
12:47 PMFeb 19, 2025	CALL	$300.00	Jan 16, 2026	326	90	80	4	2554	SWEEP	BEARISH
11:18 AMFeb 19, 2025	CALL	$100.00	Jan 16, 2026	326	682	93	13	5259	SWEEP	NEUTRAL
11:13 AMFeb 19, 2025	PUT	$300.00	Mar 21, 2025	25	121	471	3	4027	TRADE	BULLISH
10:57 AMFeb 19, 2025	PUT	$160.00	Jan 16, 2026	326	0	500	0	1296	TRADE	NEUTRAL
10:06 AMFeb 19, 2025	CALL	$100.00	Jan 16, 2026	326	482	36	9	5259	SWEEP	BULLISH
10:04 AMFeb 19, 2025	CALL	$100.00	Jan 16, 2026	326	96	46	2	5259	SWEEP	NEUTRAL
03:34 PMFeb 18, 2025	CALL	$400.00	Jan 16, 2026	326	1354	62	53	2546	SWEEP	BULLISH
02:51 PMFeb 18, 2025	CALL	$350.00	Mar 21, 2025	25	1522	675	53	2867	SWEEP	BEARISH
11:02 AMFeb 18, 2025	CALL	$140.00	Jan 15, 2027	690	0	750	0	772	TRADE	BULLISH
09:32 AMFeb 18, 2025	CALL	$380.00	Jan 16, 2026	326	0	200	0	3888	SWEEP	BULLISH
03:05 PMFeb 14, 2025	CALL	$205.00	Feb 21, 2025	-3	1640	154	651	252	SWEEP	BULLISH
03:05 PMFeb 14, 2025	CALL	$225.00	Feb 14, 2025	-10	903	154	42	2143	SWEEP	NEUTRAL
01:33 PMFeb 14, 2025	CALL	$205.00	Feb 21, 2025	-3	248	113	98	252	SWEEP	NEUTRAL
01:33 PMFeb 14, 2025	CALL	$205.00	Feb 14, 2025	-10	248	113	10	2437	SWEEP	NEUTRAL
01:06 PMFeb 14, 2025	CALL	$400.00	Feb 28, 2025	4	6921	1801	235	2942	SWEEP	BULLISH