Iris Energy Limited ended the session at USD 42.00, down 6.46% from the prior close.

Options flow showed a notable put sale in IREN, with 1,500 contracts of the August 21, 2026 $30.00 put traded for a total amount of $0.00 million. The transaction stood out as the session's key large trade despite the modest dollar size, and it occurred against a backdrop of elevated absolute implied volatility but unusually low relative pricing.

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Options Indicators

IREN’s implied volatility stands at 102.64%, but its IV percentile is only 7.57%, which indicates that despite the headline IV looking very high in absolute terms, current option pricing is actually cheap relative to its own recent history and volatility conditions are on the low side. This is reinforced by the IV/HV ratio of 0.76, suggesting implied volatility is running below historical volatility and that options appear relatively underpriced rather than rich.

The Call/Put volume ratio is 2.61.

Large Trades

A PUT sale worth $0.00 million was the standout large trade, with 1,500 contracts sold on the August 21, 2026 $30.00 put for a total trade amount of $0.00 million. With the stock reference price at $42.00, this strike sat out of the money at execution, meaning the seller was taking on downside assignment risk only if IREN falls materially below current levels. Strategically, this kind of out-of-the-money put writing is typically a moderately bullish trade, consistent with either premium collection or a willingness to accumulate shares at a lower effective entry level if assigned.

Overall sentiment in IREN’s large-trade flow was bullish, with total bullish activity at $0.00 million versus bearish activity at $0.00 million, leaving a net difference of $0.00 million to the bullish side. While the absolute dollar size was small, the fact that the only highlighted large trade was an out-of-the-money put sale suggests traders were more comfortable harvesting premium on downside risk than positioning for immediate weakness, pointing to a modestly constructive market tone rather than aggressive upside speculation.

Strategy Reference

For traders seeking a lower assignment probability than the $30.00 strike, a cash-secured put sale at the August 21, 2026 $25.00 or $20.00 strike would further reduce downside exposure while still collecting premium; alternatively, a bull put spread such as selling the $30.00 put and buying the $25.00 put limits margin requirements and caps maximum loss if a full defined-risk position is preferred.