MicroStrategy is having a year Wall Street won’t forget. Its stock, MSTR, has skyrocketed past every S&P 500 company. It has outperformed tech darling Nvidia by almost threefold year-to-date.

Traders are no longer chasing upside in Nasdaq-listed MicroStrategy (MSTR), a leveraged play on bitcoin (BTC), signaling a cautious shift in market sentiment. MSTR's 250-day put-call skew ...