NEBIUS closed at USD 225.74, up 6.19%. A single $2.30 million short put sale dominated the options flow, pointing to strong bullish conviction. The large-trade tape was overwhelmingly tilted toward premium-selling, with a much smaller bearish put purchase acting as a mere footnote. Elevated implied volatility continues to make premium collection strategies attractive, and the block trade signals confidence that the stock will remain well above much lower strike levels through 2026.

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Options Indicators

NBIS is showing an implied volatility of 148.33%, and with an IV percentile of 94.02%, its current volatility level sits at the very high end of its recent range. That means options are priced expensively rather than cheaply, even though the IV/HV ratio of 0.91 suggests implied volatility is only slightly below realized volatility. Overall, the options market is still assigning a very rich premium to NBIS, so option buyers are paying up for volatility exposure while premium-selling or defined-risk spread structures may be more efficient ways to participate. The Call/Put volume ratio is 0.64.

Large Trades

A PUT sale worth $2.30 million was the dominant large trade, consisting of 20,000 contracts of the August 7, 2026 $170.00 put sold at a premium of $1.15. With NBIS referenced at $225.74, this strike sat out of the money at the time of execution, making the trade a moderately bullish position. As a single-leg short put, the seller collected premium income upfront while expressing the view that the stock is likely to remain above $170.00 through expiration; strategically, this is typically used either to generate income or to position for potentially acquiring shares at a lower effective entry level if assigned.

A PUT buy worth $0.07 million also appeared in the large-trade flow, covering 1,500 contracts of the August 7, 2026 $160.00 put purchased at $0.44. With the stock price at $225.74, this put was also out of the money, so the buyer was paying a relatively small premium for downside protection or a bearish tail-risk position. The trade reflects a bearish stance at a much lower strike, suggesting either a low-cost hedge against a severe decline or a speculative bet on a sharp downside move before expiration.

Overall sentiment in NBIS large options flow was clearly bullish. The tone was driven overwhelmingly by the very large out-of-the-money short put sale, which points to confidence that shares will stay well above lower strike levels while also indicating willingness to monetize elevated downside premium. Although there was a smaller bearish put purchase in the flow, it was modest in size and looks more like limited-cost protection or a tactical downside flyer than a strong conviction bearish call. The large-trade picture therefore favors a constructive outlook, with market participants showing substantially greater interest in premium-selling bullish exposure than in meaningful downside positioning.

Strategy Reference

For traders seeking a lower assignment probability than the $170.00 strike, the $150.00 put could serve as a more conservative premium-selling line, though the premium collected will be thinner. A bull put spread—selling the $170.00 put and buying the $160.00 put—may also be a capital-efficient way to express a bullish view while strictly defining maximum risk.