Options Traders Favor BMNR Calls While Staying Cautious on Strategy (MSTR)

Options traders are buying calls on BitMine Immersion Technologies (BMNR) while staying cautious on Strategy (MSTR), despite BMNR being down about 45% in 2026 versus MSTR’s roughly 17% slide. According to BeInCrypto, BMNR’s put-call ratios show a bullish tilt, with volume at 0.23 and open interest at 0.35 as of June 15, while MSTR’s open interest ratio is 0.94. The report cites balance-sheet differences, including Strategy’s about $8.2 billion in debt versus none at BitMine, plus BitMine’s roughly 2.9% Ether staking yield. Nansen-labeled “smart money” is net short about $4.2 million on MSTR.