NEBIUS closed at USD 206.32, down 1.37%.
Options activity in NBIS was dominated by a single large bearish block trade: a $1.09 million purchase of long-dated puts. With no offsetting bullish large trades on the tape, the bulk-order flow leaned clearly negative, even as the stock's IV percentile suggests options are relatively inexpensive. The session's notable options volume pointed to institutional positioning for future downside, rather than short-term hedging or bullish speculation.
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Options Indicators
NBIS has an implied volatility of 84.85%, but its IV percentile is only 5.58%, which indicates that despite the high absolute IV level, current option pricing sits near the low end of its own historical range and is therefore relatively cheap rather than expensive. The IV/HV ratio of 0.61 further suggests implied volatility is running below realized volatility, reinforcing the view that options are on the inexpensive side and that the market is not demanding a particularly rich premium for forward volatility at the moment.
The Call/Put volume ratio is 1.05.
Large Trades
A put buy worth $1.09 million stood out as the key large trade in NBIS, with 1,200 contracts of the October 16, 2026 $170.00 put purchased. With the stock reference price at $206.32, this put was out of the money at execution, indicating the buyer was positioning for downside over a longer time horizon rather than seeking immediate intrinsic protection. The trade reflects a clearly bearish stance, likely expressing expectations of a meaningful pullback in the shares or serving as a hedge against future weakness.
Overall, the large-trade flow in NBIS was bearish. The entire displayed block activity was concentrated in downside put buying, with no offsetting bullish large trades to balance that signal, which points to a market participant willing to pay premium for protection or for a speculative bearish view. Taken together, the bulk-order figures suggest caution and a negative directional bias on NBIS.
Strategy Reference
For traders who prefer to collect premium rather than post large margin, selling a shorter-dated OTM put spread—such as a bull put spread using the $170/$160 strikes in a nearer expiration—can define risk while benefiting from NBIS's low IV percentile and the lack of immediate bearish confirmation.