BitMine Immersion Technologies Inc. closed at USD 23.80, down 7.14%.
Despite the decline, BMNR's options market flashed a distinctly bullish signal, highlighted by a $1.21 million call purchase at the $30 strike expiring in 2026. The bulk-order flow was dominated by upside call buying, with further bullish lean from put selling and call accumulation. Traders appeared to use the share-price dip to position for a sustained rally rather than a short-term bounce.
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Options Indicators
BMNR’s implied volatility stands at 78.92%, while its IV percentile is just 9.56%, which indicates that although the absolute IV level is high, it sits near the low end of its own historical range. In other words, the stock’s option volatility is currently on the cheaper side rather than being richly priced. With an IV/HV ratio of 1.50, implied volatility is running above realized volatility, suggesting the options market is still embedding a meaningful premium over actual historical movement.
The Call/Put volume ratio is 2.19.
Large Trades
A call purchase worth $1.21 million was the standout large trade, with 5,150 contracts bought at the $30.00 strike expiring on 2026-11-20. With the stock reference price at $23.80, this call was out-of-the-money at execution, making it a higher-conviction bullish directional bet that needs a meaningful upside move over time to pay off. The long-dated tenor also suggests the buyer was positioning for a sustained rally rather than a near-term trading pop, using defined-risk premium outlay to gain upside exposure.
Overall, the bulk-order flow was clearly bullish. The large-trade profile was dominated by upside call buying, and the additional full-flow activity also leaned bullish through put selling and further call accumulation, which together point to traders expressing confidence in higher share prices rather than seeking downside protection. The tone of the order flow suggests constructive sentiment with a willingness to pay premium for upside participation, reinforcing a positive directional outlook on BMNR.
Strategy Reference
For a low assignment probability, a put seller could consider the 2026-11-20 $15.00 strike, which sits far below the reference price and benefits from time decay while leaving ample downside cushion. Alternatively, a bull call spread using the $25.00/$35.00 strikes expiring in 2026 caps margin and risk while still capturing upside participation.
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