SoFi Technologies Inc. closed at $15.25, a decline of 8.90%.

SoFi’s sharp drop accompanied a surge in options activity, with a dominant in-the-money put purchase and a sizeable out-of-the-money call sale shaping the session. Bearish flow overwhelmed bullish bets by a factor of three, as traders paid $0.43 million for long puts while collecting $0.05 million selling calls, pointing to strong conviction for further downside protection and upside limitation.

>>>Unlock Earnings Insights & Commission-Free Trading Benefits !

Options Indicators

SOFI’s implied volatility is 61.58%, while its IV percentile is just 18.33%, which indicates that although the absolute IV level is still substantial, it sits near the lower end of its own historical range and options are therefore relatively cheaply priced rather than expensive. With an IV/HV ratio of 1.43, implied volatility remains above realized volatility, suggesting the market is still embedding a meaningful premium for future movement, but overall current option pricing appears more in the low-to-neutral side of its historical context than stretched.

The Call/Put volume ratio is 2.56.

Large Trades

A PUT buy worth $0.43 million was the largest displayed trade, with 8,350 contracts bought at the 16.0 strike expiring on 2026-07-31. With SOFI referenced at $15.25, this put was already in the money, which makes the trade a relatively direct bearish position with intrinsic value support rather than a purely speculative far-out hedge. Strategically, this kind of long put purchase points to downside protection or an outright bearish directional bet, and the sizeable premium outlay suggests the buyer was willing to pay up for meaningful downside exposure over a long-dated horizon.

A call sale worth $0.05 million was the other displayed large trade, with 4,505 contracts sold at the 19.5 strike expiring on 2026-08-28. Since the strike sat above the $15.25 reference price, the call was out of the money, making this a bearish-to-neutral income trade that likely sought premium collection while expressing skepticism that SOFI would rally above that level by expiration. As a single-leg short call, it reflects capped-upside positioning and reinforces a view that upside may be limited over the medium-term timeframe.

Overall sentiment in SOFI large trades was bearish, with total bullish flow of $0.25 million against bearish flow of $0.77 million, leaving a net bearish difference of $0.52 million. The directional takeaway is clearly negative, as bearish premium was roughly three times bullish premium, and the tone was shaped not just by the dominant long in-the-money put purchase but also by repeated call selling across higher strikes. Taken together, the large-trade profile suggests traders were more focused on downside exposure and upside premium harvesting than on chasing a sustained bullish breakout.

Strategy Reference

For bearish traders who prefer not to post naked options margin, buying a put spread such as the 15.00/12.50 put ratio spread could define risk while still capitalizing on the downside momentum signaled by the large in-the-money put activity.