Strategy Stock Popular in Options Pits Before S&P 500 Snub

Core Insights - Strategy Inc (NASDAQ:MSTR) stock has decreased by 1.4% to $331.33 following the announcement that Robinhood Markets (HOOD) will be added to the S&P 500 Index, which was unexpected for MSTR investors [1] - Despite the recent decline, MSTR has shown a significant year-to-date increase of 188%, although it is experiencing its third loss in the last four sessions [2] - The stock has found support around the $320 level after a pullback from its peak of $457.22 on July 16, 2025, and has gained 14.2% so far in 2025 [2] Options Activity - MSTR has been highlighted for its high options volume, with 3,513,636 calls and 2,404,622 puts traded in the last 10 sessions, indicating strong interest among options traders [5] - The most popular options contract during this period was the weekly 9/5 350-strike call [5] Short Interest and Volatility - Short interest in MSTR has decreased by 9.9% in the last two reporting periods, with 23.05 million shares sold short, representing 8.7% of the stock's available float [7] - Options traders are anticipating low volatility, as indicated by the Schaefer's Volatility Index (SVI) of 63%, which ranks in the 9th percentile of readings from the past 12 months [7]