NEBIUS closed at USD 120.37, down 14.94%.
Options activity in NEBIUS showed a heavy defensive tilt, headlined by an $8.61 million bear put spread and a $7.10 million in-the-money put buy. Both large trades reflect institutions paying substantial premium for downside exposure rather than collecting it, aligning with the stock’s sharp single-day decline. The overall block flow carried a clearly bearish bias, suggesting market participants are positioning for continued weakness or actively hedging against a deeper drawdown.
>>Don’t Let Fees Quietly Eat Into Your Returns — Get up to SGD 200 in Options Rewards!
Options Indicators
NEBIUS currently has an implied volatility (IV) of 144.27%, and its IV percentile stands at 92.83%, which places volatility in a clearly elevated zone where options are priced expensively relative to their own historical range. With the IV/HV ratio at 1.43, implied volatility is running well above realized volatility, indicating that the options market is assigning a substantial premium to forward uncertainty. In this setup, outright option purchases face a relatively high volatility cost, while premium-selling structures or defined-risk spreads may be more efficient depending on the broader trade thesis and risk tolerance.
The Call/Put volume ratio is 0.83.
Large Trades
A bear put spread with a net debit of $8.61 million was the largest featured options trade, expressing a clearly bearish view. The structure involved buying the 115.0 put expiring 2026-11-20 and selling the 75.0 put expiring 2027-01-15, with both legs out of the money versus the $120.37 reference stock price. As a spread strategy, its size should be read from the provided net debit rather than the gross leg totals, and that $8.61 million outlay indicates a sizable premium-paid downside bet. Strategically, this trade targets a meaningful decline in NBIS while partially offsetting the cost of the long put through the short lower-strike put, making it a defined-structure bearish position rather than an outright volatility purchase.
A PUT buy worth $7.10 million was the other standout large trade, consisting of a single-leg purchase of the 140.0 put expiring 2027-03-19. With the strike above the $120.37 reference stock price, this put was in the money at execution, which makes the trade an especially forceful bearish expression with intrinsic value already embedded. The buyer paid a substantial premium for long-dated downside exposure, suggesting either a conviction-driven bearish directional view or a large hedge against further weakness over an extended horizon.
Overall, the large-trade flow points decisively bearish. The biggest highlighted positions were both premium-paid put structures, including a major bear put spread and a sizable in-the-money long put, which together show traders willing to spend meaningful capital for downside exposure rather than merely collecting premium. The broader block activity also leans in the same direction, reinforcing the view that institutional positioning in NBIS is tilted toward expecting weakness or protecting against a deeper decline.
Strategy Reference
For traders who prefer not to post excessive margin, a defined-risk bear call spread using an out-of-the-money strike above 140.00 may offer a lower assignment probability while still benefiting from elevated implied volatility.