Option Focus | NEBIUS Sees $10.67 Million Short Put Spread and $5.26 Million Bull Call Spread as Institutions Lean Bullish Despite 12% Drop

Option Witch
8小時前

NEBIUS closed at USD 165.47, down 12.18%.

Despite the sharp decline, institutional options activity was decisively constructive. A $10.67 million short put spread collected premium below the market, while a $5.26 million bullish call spread targeted upside in the 250 to 310 strike zone. Call buying outweighed bearish hedges in the broad block flow, suggesting that large traders viewed the drop as an opportunity to build upside exposure and underwrite downside risk rather than position for a sustained breakdown.

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Options Indicators

NEBIUS currently shows implied volatility of 104.08%, with an IV percentile of 62.95%, which places its recent volatility pricing in a neutral zone rather than an extreme one. Even though the absolute IV level is very high, the percentile suggests this is not unusually expensive relative to its own recent history, and with an IV/HV ratio of 1.41, options are being priced at a premium to realized volatility.

The Call/Put volume ratio is 1.44.

Large Trades

A premium-collecting put-selling spread worth $10.67 million was the largest displayed trade, structured as a same-direction double short put position with the June 17, 2027 145.0 put and 130.0 put both sold for 2,300 contracts. With the stock reference at $165.47, both strikes were out of the money, and the trade was established for a net credit of $10.67 million. This is best read as a short put spread-style premium harvest designed to benefit from the stock holding above the lower strike area over time, signaling a neutral-to-slightly-bearish volatility view rather than an outright aggressive downside bet.

A bullish call spread initiated for a net debit of $5.26 million was the other highlighted block, combining the purchase of 2,566 contracts of the May 21, 2027 250.0 call with the sale of 2,566 contracts of the January 15, 2027 310.0 call. With NBIS at $165.47, both call strikes were out of the money, and the structure reflects a bullish directional spread entered for a net debit of $5.26 million. Strategically, this is a defined-risk upside bet: the long higher-premium call expresses upside participation, while the short farther-out call helps finance the position, pointing to a constructive medium-term view rather than a chase for unlimited upside.

Overall, the large-trade flow leans bullish. The broad block activity shows upside structures and call buying outweighing the bearish hedges, while the biggest premium-selling put trade suggests participants are also comfortable underwriting downside levels rather than positioning for immediate breakdown risk. Taken together, the order flow points to a market stance that is constructive on NBIS, with traders favoring upside exposure and premium collection around lower strikes instead of preparing for a sustained bearish move.

Strategy Reference

For sellers seeking a low assignment probability, the January 15, 2027 100.0 put offers a farther out-of-the-money strike that aligns with the market’s willingness to underwrite downside while collecting premium without posting the full notional margin of a naked put.

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