Coinbase Global, Inc. closed at $173.97, up 5.75%.

Despite the session’s gain, the largest options prints reveal a decisively bearish institutional stance. A $1.63 million net debit bear put spread led the flow, while a $228,900 net credit bear call spread reinforced the downside view. Traders positioned for COIN to weaken into late-September 2026, using defined-risk structures that monetize both directional decline and capped upside. The activity suggests sophisticated investors are fading the rally rather than chasing it, placing hedges and premium-collection bets ahead of potential weakness.

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Options Indicators

COIN’s implied volatility stands at 64.52%, while its IV percentile is 18.33%, which indicates that although the absolute IV level is still high, it sits near the lower end of its own historical range. Combined with an IV/HV ratio of 0.70, current option pricing appears relatively inexpensive versus the stock’s realized volatility, suggesting volatility expectations are on the low side rather than overstretched.

The Call/Put volume ratio is 1.50.

Large Trades

A bear put spread with a $1.63 million net debit was the largest displayed trade, signaling a clearly bearish directional bet on COIN into September 18, 2026. The structure consists of buying the 230.0 put and selling the 210.0 put, both of which are in the money versus the $173.97 reference stock price. As a spread strategy, its size should be measured by the stated net debit rather than the gross leg amounts, and that debit indicates the trader paid premium to position for downside while partially offsetting cost through the short lower-strike put. Strategically, this is a defined-risk bearish position that seeks profit from further weakness in the stock, while capping maximum payoff below the short 210.0 strike.

A bear call spread with a $228,900 net credit was the other highlighted trade, reinforcing the same bearish outlook over the shorter-dated September 25, 2026 expiration. The trader sold the 175.0 call and bought the 182.5 call, with both calls out of the money relative to the current $173.97 stock price. This is a classic call credit spread, and the positive net credit shows a premium-collection strategy that benefits if COIN stays below the 175.0 strike or fails to rally meaningfully. Taken together, the large-trade flow points to a decisively bearish institutional stance, with traders expressing downside expectations through both a debit put spread aimed at participating in a decline and a call credit spread designed to monetize capped upside and limited rebound potential.

Strategy Reference

For traders seeking a low assignment probability, selling a slightly out-of-the-money put spread such as the 150/145 put spread could offer premium collection while keeping defined risk, though the bearish large-trade flow suggests waiting for a stronger confirmation or using a call credit spread above the 182.5 strike to avoid excessive margin.