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MSTR wheel strategy yields

Last price $130.76 · Expiry 2026-12-04 (32 DTE) · IV 77% · Next earnings n/a

Cash-secured put

66.3% annualized
Strike
$120.0
Premium (mid)
$6.97 (bid 6.7 / ask 7.25)
Yield
5.81% (premium ÷ strike)
Delta
-0.313
Option IV
78.3%
Open interest
85

Covered call

44.9% annualized
Strike
$150.0
Premium (mid)
$5.15 (bid 4.9 / ask 5.4)
Yield
3.94% (premium ÷ price)
Delta
0.308
Option IV
75.5%
Open interest
74

Selling one MSTR put requires ~$12,000 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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