NEBIUS closed at USD 190.41, up 1.05 percent from the previous session’s close.

A distinctly bearish tone dominated NBIS options activity, with a standout $0.52 million put purchase on the 190 strike expiring in July 2026. The overall flow was overwhelmingly defensive, characterized by a concentration in long puts that points to strong hedging demand or outright downside speculation against a backdrop of elevated volatility.

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Options Indicators

NBIS is showing implied volatility of 143.95%, and with an IV percentile of 93.63%, its current volatility sits in a clearly elevated zone relative to its own recent history, indicating that options are priced expensively. The IV/HV ratio of 0.90 suggests implied volatility is slightly below realized volatility, but overall the market is still demanding very rich premiums, so outright option buying faces a high cost backdrop and premium-selling structures or defined-risk spreads may offer a more efficient way to position. The Call/Put volume ratio is 1.08.

Large Trades

A PUT buy worth $0.52 million was the standout large trade, with 2,500 contracts purchased on the 190.0 strike expiring on 2026-07-31. With the reference stock price at $190.41, this put was slightly out-of-the-money at the time of the trade, making it a relatively near-the-money bearish position. The buyer paid premium for downside exposure, indicating a view that NBIS could weaken meaningfully over time or a desire to hedge against downside risk into next summer. Because it is a long put, the strategic meaning is straightforward: the trader is seeking protection or speculative profit from a decline below the strike, with the $0.52 million premium representing the cost of that bearish exposure.

Overall, the large-trade flow in NBIS was clearly bearish. All tracked large trades were put purchases, with no meaningful bullish large-trade activity appearing in the summary, which points to a market tone dominated by downside speculation or hedging demand. The concentration in long puts, including the leading near-the-money July 2026 position, suggests traders were willing to spend premium for protection and negative directional exposure rather than positioning for upside. Taken together, the large-trade activity implies a distinctly cautious-to-bearish outlook on NBIS.

Strategy Reference

Given the expensive premium environment, a put seller eyeing a low assignment probability could consider the 130.00 strike, while a bearish trader seeking to define risk might deploy a put debit spread using the 190.00/170.00 strikes.