Options Data

Call Open Interest

Notional value of outstanding call options.

What the term means

Call Open Interest captures the notional value of all outstanding call option contracts on a company’s stock. The calculation is:

Open call contracts × 100 shares × Current stock price

The result, shown in USD, represents how much underlying stock exposure is controlled by call holders. Active treasury names see real-time updates on data platforms and options analytics services.

Why the term matters for Bitcoin treasury companies

Gamma squeeze rocket fuel

High Call Open Interest leaves dealers short massive gamma. When shares rise, hedging forces them to buy stock, creating self-reinforcing squeezes that can propel prices 50–200% even on modest BTC moves.

Leading indicator of speculative flow

Spiking Call OI—especially in out-of-the-money strikes—signals retail FOMO, leveraged ETF flow, and macro tourist entry. A $5–10 billion jump often precedes a 20–40% rally as positioning builds ahead of headlines.

Premium expansion catalyst

Dealer hedging driven by Call OI widens BTC premiums and pushes mNAV multiples higher. When Call OI collapses, premiums compress quickly even if Bitcoin price stays flat.

Short squeeze amplifier

Combining high Call OI with significant short interest creates a double squeeze. Dealers buying shares to hedge calls force shorts to cover, supercharging upside moves.

Capital-raising tailwind

Management times BTC purchase announcements or raises when Call OI is elevated; gamma demand provides instant price support and minimizes dilution. Low Call OI environments make raises riskier.

Volatility regime signal

Sustained high Call OI keeps implied volatility elevated, supporting covered-call yields and richer premiums. Shrinking OI is often the first sign the party is ending, with premiums leaking weeks before BTC itself turns.

Tiering and liquidity moat

Only a handful of treasuries ever sustain $10 billion+ Call OI. Crossing that threshold draws permanent institutional attention and options liquidity, turning the stock into a must-own gamma vehicle.

Bottom line

Call Open Interest is the sector’s momentum battery. High and rising values signal a gamma-charged rocket; low or falling values warn of premium decay and vulnerability. Track it as closely as BTC price when sizing exposures.

How BitcoinQuant incorporates it

We source consolidated options data daily—Source: Yahoo Finance options. Contracts × 100 × share price, calls only. Dashboards surface total Call OI, day-over-day deltas, and alerts when thresholds (like $5B, $10B) are breached so users can anticipate gamma-driven moves.