NBIS closed at $189.88, down 13.29% after opening at $205.42 and fluctuating between $215.51 and $189.17 during the session.

A sharp single-day drop in NBIS was met with notable options activity, dominated by a $2.70 million out-of-the-money put sale and a $2.44 million double call sale, both executed in far-dated 2026 expirations. The flow revealed a nuanced market stance: traders are writing downside insurance and capping upside, reflecting a moderately bullish conviction with expectations for consolidation.

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Options Indicators

NBIS has an implied volatility of 134.60%, and its IV percentile of 90.04% indicates that current volatility is in an elevated range, meaning options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.84 suggests implied volatility is running below realized volatility, so despite rich absolute pricing, the market’s forward volatility assumptions are not excessively stretched versus what the stock has actually been delivering. Overall, options are expensive on a historical percentile basis, but not outright extreme when compared with recent realized movement. The Call/Put volume ratio is 0.94.

Large Trades

A PUT sale worth $2.70 million was the largest single-leg trade, with 2,500 contracts of the 180.0 strike put sold for the 2026-08-21 expiration. With NBIS referenced at $189.88, this put was out of the money at execution, making it a moderately bullish position that benefits if the stock stays above the strike and the seller keeps the premium. Strategically, this kind of trade often reflects willingness to buy shares lower while monetizing elevated option premium, or simply a view that downside into that expiration is limited.

A net-credit call combination worth $2.44 million was the next major trade, structured as a same-direction double call sale in the 2026-09-18 expiration: 1,100 contracts sold at the 280.0 strike and 1,100 contracts sold at the 290.0 strike. Both call legs were out of the money versus the $189.88 reference stock price, and the strategy was executed for a net premium received of $2.44 million. This is best interpreted as an income-oriented, range-bound to mildly bearish positioning expression, where the trader is effectively betting NBIS will remain well below those upper strikes through expiration, allowing the collected premium to decay in their favor.

Overall, the large-trade flow points to a bullish bias in NBIS, with sentiment skewed toward put selling rather than aggressive upside call buying. The dominant pattern suggests traders are generally comfortable underwriting downside risk at lower strike levels, which usually signals confidence that the stock can hold above those areas. While the large short-call combination introduces a neutral-to-bearish element and implies expectations for capped upside or consolidation, the broader balance of large trades still supports a constructive directional view, with market participants leaning moderately bullish rather than expecting a major downside move.

Strategy Reference

For traders seeking to mimic the bullish income flow, selling the 180-strike put in the August 2026 cycle offers a low assignment probability given the current premium tailwind, while those averse to naked margin can consider a bull put spread by adding a long 160-strike put as a defined-risk alternative.