NEBIUS closed at $220.11, down 1.69%.

Large options trades showed a decisively bearish institutional tone, led by an $11.75 million purchase of December 2028 $75.00 puts and a $3.20 million buy of June 2027 $90.00 puts. Both strikes are deeply out-of-the-money versus the $220.11 reference price, indicating demand for long-dated downside protection rather than near-term hedging. Total bearish flow reached $32.54 million against zero bullish flow, leaving a net bearish imbalance of $32.54 million.

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Options Indicators

NBIS currently has an implied volatility of 96.19%, while its IV percentile stands at 34.26%, which places volatility in a neutral historical range rather than an elevated one. In other words, although the absolute IV level is very high, it is only modest relative to its own recent history, suggesting options are not especially cheap but also not notably expensive. With an IV/HV ratio of 0.51, implied volatility is running below realized volatility, indicating option pricing appears somewhat conservative versus the stock’s actual movement.

The Call/Put volume ratio is 0.77.

Large Trades

A PUT buy worth $11.75 million was the standout large trade, with 5,500 contracts purchased on the December 15, 2028 $75.00 put. With the stock reference price at $220.11, this strike is deeply out-of-the-money, making it a lower-delta but still clearly bearish structure. The buyer appears to be positioning for a substantial longer-term downside move or securing tail-risk protection over an extended horizon, and the outright put purchase indicates willingness to pay premium for convex downside exposure rather than using a defined-risk spread.

Another notable bearish trade was a $3.20 million purchase of 3,000 contracts in the June 17, 2027 $90.00 put. This put is also far out-of-the-money versus the $220.11 reference stock price, reinforcing a downside-oriented view expressed through long optionality rather than premium-selling. The choice to buy a lower-strike, longer-dated put suggests either disaster-hedge demand or a speculative view that NBIS could face a severe drawdown over time; in either case, the trade reflects a distinctly bearish posture with limited upfront risk and leveraged downside participation. Overall, bulk-order sentiment was decisively bearish, with total bullish flow at $0.00 million versus $32.54 million in bearish flow, leaving a net bearish imbalance of $32.54 million. The concentration of capital in long-dated out-of-the-money put buying shows investors were not merely trimming exposure but actively paying meaningful premium for downside protection or bearish speculation, pointing to a clearly negative institutional tone on NBIS.

Strategy Reference

For a defined-risk bearish stance without posting large margin, consider a long put vertical using the June 2027 $90.00 put as the bought leg and selling a lower strike such as the $60.00 put; this reduces premium outlay while still capturing a substantial drawdown scenario, though it caps maximum profit below the outright put buyer’s convex payoff.