Traders Place $56 Million Strategy Bet and $21 Million Coinbase Wager as Bitcoin Reclaims $60,000
Updated
Updated · CNBC · Jun 9
Traders Place $56 Million Strategy Bet and $21 Million Coinbase Wager as Bitcoin Reclaims $60,000
3 articles · Updated · CNBC · Jun 9
Summary
$56 million and $21 million options trades in Strategy and Coinbase ranked among Monday's biggest crypto-linked bets, even after bitcoin briefly fell below $60,000 for the first time since October 2024.
The Strategy trade was defensive: a trader sold 29,425 125/180 call diagonals, a position that works best if the stock stays below $125 through August and both calls expire worthless.
Coinbase drew the opposite view, with a trader selling short-dated calls to fund $26 million of Aug. 21 $160 calls; the longer-dated position needs the stock above $183.40, about 13% above Monday's level.
Bitcoin has lost about 27% in 2026 and remains roughly 50% below its all-time high, while Strategy's recent bitcoin sales—its first in years—have added to pressure across crypto-linked stocks.
IBIT also landed among the top 20 options tickers by volume, underscoring that traders are still using derivatives to position for sharply different outcomes in the crypto rebound.