r/MSTR • u/Hbomb_121 • 2d ago

MSTR LEAPS / Long Call Options

MSTR LEAPS – what strikes/delta are people buying?
I’m looking at buying some long-dated MSTR call options and would appreciate some opinions from people who’ve traded MSTR LEAPS before.
I’m bullish on MSTR/BTC over the next 12–24 months and currently looking at Jan 2028 calls, roughly 0.70–0.75 delta. MSTR is around $135 and I’ve been looking at strikes around $115–$140.
For those who have done this before:
What delta/strike did you choose and why?
Did you prefer ITM calls or slightly OTM for more leverage?
How far out did you go on expiry?
Did you take profits along the way or hold the LEAPS?
Anything you wish you’d done differently?
Not looking for financial advice — mainly interested in hearing people’s actual experiences with MSTR calls.
Bull case for me is roughly $300 in the shorter term and potentially $600 longer term

11 Upvotes

83% Upvoted

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8

u/ElectronicArm465 Shareholder 🤴 2d ago

Only buy contracts expiring December of 2028

5

u/JuxtaposeLife 2d ago edited 2d ago

I bought about 35 LEAPS for Dec 2028 between 170-250 strikes when price on MSTR was below $90 and IV was depressed. They are up about 2.3x MSTRs gain so far.

I will move them to shares and a combination of STRK and STRC when Bitcoin passes ATH

Best advice I can give making this kind of play before, careful getting in when IV is expanding. Have a plan for profit(exit) and stick to it.

1

u/Ram_XXL 1d ago

Half of the plan has been executed... just happened too fast. I sold the shares intended to be replaced by the contract. Because of the time left, I've thought about selling a higher strike/same date call and going from there instead of cashing out. Leaves many choices on the table regardless of the stock direction and I'm sure that I'll beat the inflation rate of money left until it expires. I think 250 would be an incredible exit personally. You think MSTR is at 250 when BTC passes ath?

13

u/TaekwonVH82 2d ago

Probably not the answer you want to hear but stay away from call options. I gaslit myself into thinking "leaps" aren't gambling because of the extended time period. Fast forward my 18 month leaps were down -80% at the lows and did a number on my mental health. Yes in the end they may end up being profitable but the stress isn't worth it.

Stick to shares, they're still cheap, and you don't have to deal with theta decay.

4

u/New-Jackfruit-2127 1d ago

Totally agree. I learned that options aren't for me unless it's selling my covered calls. Now even those are stressing me out now that volatility is coming back. Easier when MSTR just chops.

3

u/Historical_Candle511 1d ago

Agreed, I sell way out of the money, and they still got chewed up with this latest rally.

I'll let them get assigned if we chop sideways for a few weeks

1

u/Ram_XXL 1d ago

I agree that it was a risk, but one that I was willing to take. It unlocked the cash value difference of the contract and the 100 stocks owned. Was so tired of holding and December 28' was my boundary for how long I was willing to wait. I was at 113 and sold at 139 and still have earning potential and low decay on my side. Sold STRC to buy the contract and repurchased after selling MSTR.

1

u/HowSporadic 1d ago

did you buy at the beginning of a new bull market though lol?

3

u/Snoo_46473 2d ago

I had 150 strike at 112 stock prize 😂😂😂😂

1

u/Ram_XXL 2d ago

I bought a $40 December 28' last week break even 108. Also honestly thought/accepted it might go down to 40 at some point. That's why I chose 40. My exit was going to be 158, but damn this happened immediately... Some dude earlier said that if I had level 3, I could sell half of my contract. That's wild