IREN closed at $41.29, up 2.71% from the previous close.

While the stock gained, the options market was active with large trades showing divergent views. A bullish $1.45 million call spread was the standout, but it was countered by a sizable $1.23 million sale of far out-of-the-money calls.

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Options Indicators

IREN’s implied volatility is 140.35%, and with an IV percentile of 94.42%, current option volatility sits at a clearly elevated level relative to its own historical range, indicating that options are priced expensively. The IV/HV ratio of 1.23 further suggests implied volatility is running above realized volatility, meaning the market is embedding a premium for future movement expectations. The Call/Put volume ratio is 0.98.

Large Trades

A bullish call spread worth $1.45 million was the largest displayed trade, built by buying 1,400 December 18, 2026 $70.00 calls and simultaneously selling 1,400 December 18, 2026 $75.00 calls. Both strikes are out of the money versus the $41.29 reference stock price, and the structure was executed for a net debit of $1.45 million. This is a classic directional upside strategy that seeks a measured rally into the $70.00-$75.00 zone while capping maximum upside in exchange for lower cost than an outright long call, making it a clearly bullish bet rather than a pure volatility trade.

A call sale worth $1.23 million was the other key displayed trade, consisting of 4,247 contracts of the January 15, 2027 $110.00 call sold. With the strike far out of the money relative to the $41.29 stock reference, this single-leg trade reflects a bearish to cautious stance, as the seller is collecting premium on the view that IREN is unlikely to reach that level by expiration. Strategically, it signals either income generation against a capped-upside outlook or an outright fade of aggressive upside expectations over the long term.

Overall large-trade sentiment leans bearish. Total bullish flow reached $1.50 million, while bearish flow totaled $2.10 million, leaving a net bearish difference of $0.59 million. Although the top trade was a constructive bull call spread that expressed upside interest through a defined-risk debit structure, the broader large-trade picture was still dominated by premium-selling activity and call-side skepticism, indicating that traders were generally more inclined to fade extreme upside or position for restrained price action than to press outright bullish exposure.

Strategy Reference

For a seller seeking low assignment probability, the $110.00 strike sold in the large trade is a prime example; traders preferring not to post too much margin could consider implementing a defined-risk spread, like the $70/$75 bull call spread observed.