Iris Energy closed at USD 37.115, registering a 4.70% increase from the prior close.

Despite the solid rally, large options activity showed a nuanced picture. A bullish put spread collected a net credit of $213,700.00, indicating willingness to underwrite downside risk, while a much larger single-leg put purchase worth $1.97 million revealed a significant hedge or directional bearish bet. This combination points to a market that is cautiously constructive rather than outright aggressive on the upside.

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Options Indicators

IREN’s implied volatility stands at 83.48%, but its IV percentile is just 0.40%, which indicates that despite the high absolute IV level, current option pricing is actually sitting near the bottom of its own historical range. With an IV/HV ratio of 0.95, implied volatility is also slightly below realized volatility, reinforcing the view that options are relatively cheaply priced and that volatility expectations are on the low side versus what the stock has recently delivered.

The Call/Put volume ratio is 1.91, reflecting stronger demand for calls over puts in the broader flow and adding a mildly bullish tint to the session's activity.

Large Trades

A bullish put spread with a $213,700.00 net credit was one of the standout large trades, built by selling the September 11, 2026 $37.00 put and buying the September 11, 2026 $36.00 put for the same 4,190-contract size. With the stock reference price at $37.115, both strikes were out of the money at the time, and the structure reflects a classic premium-collection strategy that also expresses a moderately bullish directional view. By taking in a net credit, the trader is effectively wagering that IREN can remain above the $37.00 short-put strike into expiration, or at least avoid a deeper downside move beyond the protected spread width, making this a defined-risk bullish income trade rather than an outright aggressive upside chase.

A put buy worth $1.97 million was the single largest outright leg of the session, consisting of 3,000 January 15, 2027 $35.00 puts purchased while the strike sat out of the money versus the $37.115 stock reference. This is a clear bearish trade, as long puts gain value from a meaningful decline in the underlying and can also serve as downside protection against a larger drawdown over a longer time horizon. Even so, the broader block flow still leans modestly bullish overall: the tape included multiple premium-selling put positions and a bullish put spread, which suggests that larger traders were generally comfortable underwriting downside at lower levels while one notable participant simultaneously sought longer-dated protection or bearish exposure. The net message is mildly bullish, but with visible caution and a willingness to hedge against weakness rather than a fully confident risk-on stance.

Strategy Reference

For a seller seeking low assignment probability, the September 2026 $30.00 put offers a farther out-of-the-money strike with a smaller premium, while a trader concerned about margin efficiency may prefer a defined-risk put credit spread like the $37.00/$36.00 structure rather than a naked short put.