CoreWeave, Inc. closed at USD 85.43, up 5.00% from the prior close.
CoreWeave options saw a surge of bullish conviction, highlighted by two massive deep out-of-the-money call purchases totaling nearly $6.00 million. The largest block was a $3.18 million buy at the 200.0 strike expiring December 2028, followed by a $2.67 million purchase at the 160.0 strike expiring June 2028. Both trades dwarf typical block sizes and reflect aggressive long-dated upside positioning despite relatively low implied volatility percentile.
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Options Indicators
CRWV’s implied volatility is 78.87%, and its IV/HV ratio of 1.15 shows implied volatility is running modestly above realized volatility. However, the IV percentile is just 7.57%, which places current volatility conditions at the low end of CRWV’s own historical range, indicating that options are relatively cheaply priced despite the high absolute IV level. In other words, the market is still implying sizable movement, but compared with where this name’s options have typically traded, current option premiums look inexpensive rather than stretched.
The Call/Put volume ratio is 2.82, confirming that call activity is dominating put volume by a wide margin and reinforcing the bullish sentiment seen in the large block trades.
Large Trades
A call purchase worth $3.18 million was the largest displayed block, with 1,656 contracts bought at the 200.0 strike expiring on 2028-12-15. With CRWV referenced at $85.43, this call is deeply out of the money, making it a clear high-upside bullish expression rather than an intrinsic-value play. The long-dated tenor suggests the buyer is positioning for a major appreciation scenario over time, using limited premium outlay to secure leveraged exposure to a potentially large move higher.
Another sizeable bullish trade was a $2.67 million purchase of 1,437 call contracts at the 160.0 strike expiring on 2028-06-16. This call is also out of the money relative to the $85.43 reference price, pointing to a directional upside bet that requires substantial stock appreciation to pay off. Compared with a nearer-the-money structure, this kind of long-dated upside call buying typically reflects conviction in a strong future rally while accepting that the position is primarily driven by expectations for powerful longer-term price expansion.
Overall, the large-trade flow is decisively bullish. The displayed orders were both aggressive long-call purchases in long-dated, out-of-the-money strikes, which indicates traders were willing to commit meaningful premium for upside convexity rather than focus on income generation or defensive hedging. Although there was some bearish call selling elsewhere in the broader block flow, the dominant pattern was clear accumulation of upside exposure, so the bulk-order activity points to a constructive outlook and expectations for significant appreciation over time.
Strategy Reference
For a seller seeking low assignment probability, the 200.0 strike call expiring December 2028 offers meaningful premium while requiring CRWV to more than double before any exercise risk; alternatively, a bull call spread such as buying the 160.0 call and selling the 200.0 call can reduce margin requirements while still capturing a broad upside range.
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