IREN Ltd closed at USD 39.60, up 7.55%.

Despite the rally, large options trades leaned decisively bearish. A dominant bear put spread for a net debit of $272.30 thousand and a smaller $7.90 thousand out-of-the-money bear put spread both targeted further downside into 2026. Traders paid premium for defined-risk bearish verticals, signaling conviction in weakness rather than hedging or income selling.

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Options Indicators

IREN’s implied volatility is 84.09%, while its IV percentile is just 1.19%, indicating that although the absolute IV level is high, it sits near the bottom of its own historical range. With the IV/HV ratio at 0.96, implied volatility is roughly in line with recent realized volatility and appears slightly inexpensive rather than overstretched. Overall, this suggests options are on the cheaper side relative to the stock’s own past volatility environment. The Call/Put volume ratio is 2.09.

Large Trades

A bear put spread opened for a net debit of $272.30 thousand was the dominant large trade, built by buying the September 4, 2026 $41.00 put and selling the September 4, 2026 $40.00 put, with both legs in the money versus the $39.60 reference stock price. As a same-expiration long-put/short-put spread, this is a bearish vertical spread established for a net debit, signaling a directional downside bet with defined risk and defined payoff rather than outright premium selling. The trader appears to be positioning for additional weakness in IREN while capping maximum profit below $40.00, which is consistent with a measured but clearly negative outlook.

Another bearish spread appeared as a smaller bear put spread for a net debit of $7.90 thousand, using the September 4, 2026 $32.00 put bought against the September 4, 2026 $30.00 put sold, with both strikes out of the money relative to the current share price. This structure is also a defined-risk bearish vertical spread, but because it is placed well below spot, it points to a view that IREN could experience a deeper decline over time rather than just near-the-money downside pressure. Overall, the large-trade flow is decisively bearish: every highlighted bulk order leans negative, and the preference for net-debit bear put spreads suggests traders are actively paying premium for downside exposure, indicating conviction in further weakness rather than neutral hedging or income-oriented positioning.

Strategy Reference

For a low assignment probability, an income-oriented trader could sell the September 4, 2026 $28.00 put, which sits well below spot and beyond the $30.00 short leg of the observed out-of-the-money bear put spread.