SoFi Technologies Inc. closed at USD 18.70, rising 3.72%. The options market saw a flood of bullish put selling, with the largest trade totaling $0.56 million, as traders capitalized on near-record-low implied volatility. A display of confidence in the underlying’s downside support, the session’s pronounced flow featured deep out-of-the-money premium collection in long-dated contracts, signaling a market positioned for sustained resilience rather than abrupt weakness.
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Options Indicators
SOFI’s implied volatility stands at 56.19%, while its IV percentile is just 5.98%, indicating that although the absolute IV level is not low, it sits near the bottom of its own historical range. In other words, current option pricing is on the cheap side rather than elevated, and the IV/HV ratio of 0.82 further suggests implied volatility is running below realized volatility. This setup points to relatively inexpensive option premiums versus the stock’s recent actual movement, which can be favorable for structures that benefit from volatility expansion or for traders looking to gain directional exposure with comparatively lower premium costs. The Call/Put volume ratio is 2.07.
Large Trades
A PUT sale worth $0.56 million was the largest single-leg trade of the day, with 5,000 contracts of the January 15, 2027 $15.0 put sold for $0.56 million. With SOFI referenced at $18.70, this strike sat out of the money at the time of execution, making the trade moderately bullish. Strategically, selling an out-of-the-money put suggests the trader is willing to collect premium while expressing confidence that shares will remain above $15.0 into expiration, or at least not fall sharply enough to make assignment unattractive. The long-dated tenor also implies a patient bullish stance, combining income generation with a willingness to accumulate stock at a lower effective entry point if assigned.
A net-credit same-direction double short put combination worth $0.08 million was the other displayed large trade, consisting of sales of 1,654 contracts and 1,102 contracts of the August 21, 2026 $17.0 put, for a total premium received of $0.08 million. Because both legs were short puts at the same strike and expiration, this structure is best understood as a premium-selling, range-to-slightly-bearish volatility view rather than an outright directional upside bet. With the $17.0 strike below the $18.70 reference price, both legs were out of the money, so the objective appears to be income generation through premium collection while positioning for SOFI to stay above that level. The neutral-to-slightly-bearish tone comes from the emphasis on harvesting option decay rather than aggressively chasing upside.
Overall, the large-trade flow leans bullish on balance. The sentiment summary shows bullish premium outweighing bearish premium, and that conclusion is reinforced by the character of the biggest trades: the most prominent activity was concentrated in out-of-the-money put selling, which typically reflects confidence in downside support and a preference to monetize elevated premium rather than hedge against a major decline. While there were meaningful bearish call sales and some put buying elsewhere in the tape, the dominant message from the larger flows is that traders are more inclined to express constructive to moderately bullish views on SOFI than to position for sustained weakness.
Strategy Reference
For a low assignment probability, a put seller could target the out-of-the-money $15.0 strike; alternatively, a bullish put spread such as selling the $15.0 put and buying the $12.0 put can reduce margin requirements while still capturing a net credit.