NEBIUS closed at USD 212.19, down 5.50%.

Options activity in NBIS was dominated by institutional caution. A $2.60 million net-credit double short call structure collected premium above the market, while a separate $1.00 million net-debit bear put spread targeted a longer-term downside move. The combination points to limited upside expectations and a willingness to pay for defined-risk bearish exposure.

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Options Indicators

NBIS is showing an implied volatility of 82.86%, but its IV percentile is only 2.79%, which indicates that despite the high absolute IV level, current option pricing sits near the bottom of its own historical range. With an IV/HV ratio of 1.13, implied volatility is only modestly above realized volatility, suggesting options are relatively cheaply priced rather than aggressively inflated. In this context, premium buyers may find the volatility backdrop more favorable than the headline IV alone would imply, while sellers may be receiving less of a volatility edge than the raw IV number suggests.

The Call/Put volume ratio is 1.16.

Large Trades

A net-credit call-selling combination worth $2.60 million was one of the standout large trades, structured as a same-direction double short call strategy that collected premium while leaning neutral-to-bearish. The trader sold 2,739 contracts of the September 25, 2026 $227.50 call and simultaneously sold 2,739 contracts of the September 18, 2026 $227.50 call, producing a net credit of $2.60 million. With NBIS at $212.19, both call legs were out of the money, which fits a view that the stock is unlikely to rally through that strike area by either expiration. Strategically, this is a premium-collection trade that benefits from capped upside in the near term and suggests expectations for muted price action or at least resistance below $227.50.

A bear put spread initiated for a net debit of $1.00 million added a clearer directional bearish signal. In this combination, the trader bought 2,404 contracts of the June 17, 2027 $75.00 put and sold 2,404 contracts of the January 15, 2027 $60.00 put, resulting in a net debit of $1.00 million. With NBIS currently at $212.19, both puts were out of the money, making this a lower-strike downside structure that targets a significant longer-term decline while reducing upfront cost through the short put leg. Overall, the large-trade flow in NBIS skews bearish: although there was some bullish premium-selling elsewhere in the tape, the displayed block activity was dominated by call premium collection above the market and a defined-risk bear put spread, pointing to caution on upside and an expectation that the stock may struggle to sustain further gains.

Strategy Reference

For a low assignment probability on the call side, sellers may consider the September 18, 2026 $227.50 strike that already appeared in the large short call flow; alternatively, a bear put spread using the June 17, 2027 $75.00 and January 15, 2027 $60.00 strikes can define risk if one prefers not to post uncovered margin.