Option Focus | Iris Energy's $1.96 Million Long-Dated Call Buy at $65 Strike Signals Bullish Conviction Despite Near-Record-Low IV Percentile

Iris Energy Ltd. closed at USD 44.68, up 7.27%.

Options flow showed a notable $1.96 million long-dated call purchase at the $65 strike, alongside a call/put volume ratio of 2.91. The activity reflects a distinctly bullish tilt, even as implied volatility sits at an extremely low historical percentile, pointing to relatively inexpensive long-dated upside exposure.

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Options Indicators

IREN’s implied volatility stands at 91.61%, while its IV percentile is just 2.38%, indicating that although the absolute level of implied volatility is high, it sits near the bottom of its own historical range. In other words, current option pricing is relatively cheap versus where IREN’s volatility has typically traded, and with the IV/HV ratio at 1.04, implied volatility is only slightly above realized volatility, suggesting option premiums are broadly in line with recent stock movement rather than carrying a large volatility premium.

The Call/Put volume ratio is 2.91.

Large Trades

A call purchase worth $1.96 million stood out as the key displayed large trade, with 3,165 contracts bought on the March 19, 2027 $65.00 call. With the reference stock price at $44.68, this strike is out of the money, so the buyer is positioning for a meaningful upside move over a long-dated horizon. The transaction reflects a clearly bullish directional bet, using long calls to gain leveraged upside exposure while keeping risk limited to the premium paid.

Overall, the large-trade flow is decisively bullish. The dominant activity was concentrated in upside call positioning, including the prominent long-dated $65.00 call purchase and additional bullish structures in the broader block flow, while bearish activity was negligible by comparison and limited to a very small put buy. Taken together, the figures suggest institutional traders are leaning toward further appreciation in IREN, with positioning that favors upside participation rather than defensive hedging.

Strategy Reference

For a lower capital requirement, a bull call spread such as buying the January 2027 $50 call and selling the January 2027 $65 call could capture upside while reducing net premium and margin versus an outright long call.