IREN closed at 41.76 USD, up 2.73%.

The session featured notable long-dated put buying, with the largest displayed trade totaling $769,500.00 on the December 18, 2026 $40.00 put and another $192,700.00 on the October 9, 2026 $43.00 put. Both trades were outright put purchases, and the broader block activity stayed entirely one-sided, indicating institutions are spending premium on downside exposure rather than upside calls.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

IREN’s implied volatility is 81.48%, and while that absolute level is high, the IV percentile is just 0.40%, which indicates current volatility is sitting near the low end of its own historical range. In other words, despite the headline IV appearing elevated, options are actually cheaply priced relative to where IREN’s volatility has traded over time. The IV/HV ratio of 1.41 also suggests implied volatility is running above historical volatility, meaning the market is still embedding a premium for future movement, but overall the percentile points to volatility being on the low side rather than stretched.

The Call/Put volume ratio is 1.93.

Large Trades

A put buy worth $769,500.00 was the largest displayed trade, with 1,500 contracts bought on the December 18, 2026 $40.00 put. With IREN referenced at $41.76, this strike sits out of the money, making it a relatively lower-delta bearish expression that still gives the buyer long-dated downside exposure. Strategically, this looks like a patient bearish bet or portfolio hedge, as the trader paid premium for protection or for a view that the stock could weaken meaningfully over a longer horizon.

Another bearish put purchase appeared in 1,175 contracts of the October 9, 2026 $43.00 put for $192,700.00. Because the strike is above the current stock reference of $41.76, this put is in the money, giving the buyer more immediate downside sensitivity. That structure points to a more assertive bearish stance than the lower-strike out-of-the-money put, suggesting either near-to-medium-term downside conviction or an active hedge positioned to benefit from continued weakness in IREN.

Overall, the large-trade flow is clearly bearish. The displayed trades were both outright put buys, and the broader block activity also remained entirely one-sided on the bearish side, indicating traders were consistently willing to spend premium for downside exposure rather than express upside views. Taken together, the flow suggests cautious to negative sentiment on IREN, with participants positioning for further pressure in the stock and showing no meaningful large-scale bullish offset.

Strategy Reference

For traders preferring a lower assignment probability, selling out-of-the-money puts below the $40.00 institutional strike, such as the December 2026 $30.00 or $35.00 put, could capture premium while IV percentile remains historically low; alternatively, a bear put spread using the $43.00/$40.00 strikes limits margin and defines risk if following the observed downside flow.