IREN Ltd closed at $46.93, gaining 5.04%.
A surge in bullish options activity accompanied the move, headlined by a $2.01 million purchase of long-dated $60 calls. The session also featured a substantial bullish put spread, underscoring a broad institutional tilt toward further upside. Combined with heavy call volume, the large-trade flow points to conviction rather than a short-covering bounce.
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Options Indicators
IREN’s implied volatility stands at 93.51%, and while the absolute IV level is high, the IV percentile is just 2.79%, indicating current volatility is actually sitting near the low end of its own historical range. Combined with an IV/HV ratio of 1.06, options appear fairly close to realized volatility and, on a relative basis, are cheaply priced rather than elevated. This suggests the market is not assigning an unusually rich premium to current contracts despite the stock’s inherently volatile profile.
The Call/Put volume ratio is 1.99.
Large Trades
A CALL purchase worth $2.01 million was the standout outright bullish trade, with buyers taking 3,500 contracts of the December 18, 2026 $60.00 call. With IREN referenced at $46.93, the strike sits out of the money, making this a higher-conviction upside bet that requires meaningful appreciation over time to pay off. The structure signals a clearly bullish view, as the trader paid premium for long upside exposure rather than capping gains, suggesting expectations for a sustained move higher into the long-dated expiration.
A bullish put spread with a net credit of $431 thousand was the other featured large trade, built by selling 2,125 January 15, 2027 $47.00 puts and buying 2,125 December 18, 2026 $45.00 puts. This spread structure points to premium collection with a bullish bias, indicating the trader is positioning for IREN to remain firm or move higher while defining downside risk through the lower-strike long put. The use of a net credit reinforces that the strategy is designed to monetize stability-to-strength rather than chase an explosive rally outright.
Overall, the bulk-order flow was decisively bullish. The largest displayed trades combined an aggressive long call purchase with a bullish put spread, showing both directional upside appetite and willingness to collect premium from downside support levels. More broadly, the imbalance in large-trade sentiment favors buyers and bullish structures, which suggests institutional positioning is leaning toward further strength in IREN rather than preparing for a sustained decline.
Strategy Reference
For a low assignment probability on the put side, a seller could consider the January 15, 2027 $30.00 put, which sits roughly 36% below spot; alternatively, a bull call spread such as the December 18, 2026 $50/$60 structure offers defined upside without the high margin requirement of an outright long call.
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