NEBIUS closed at 237.15 USD, down 5.09%.

A notable 3.92 million USD put purchase dominated the session’s large-options activity, with 8,350 contracts of the January 21, 2028 60.00 USD strike traded. The position is exceptionally deep out-of-the-money relative to the spot price, reflecting a long-dated and aggressively bearish institutional posture rather than a routine hedge.

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Options Indicators

NEBIUS currently shows an implied volatility of 82.28%, while its IV percentile is just 1.20%, indicating that although absolute volatility is high, it sits at the very low end of its own historical range. In other words, current option pricing appears relatively cheap rather than elevated, and with an IV/HV ratio of 1.33, implied volatility is still running above realized volatility, suggesting the market is pricing in somewhat more movement ahead than has recently been delivered.

The Call/Put volume ratio is 1.47.

Large Trades

A PUT buy worth 3.92 million USD stood out as the day’s key large trade, with 8,350 contracts of the January 21, 2028 60.00 USD put purchased. With the reference stock price at 237.15 USD, this strike sits deeply out of the money, making it a highly downside-focused position rather than a near-the-money hedge. The buyer is committing meaningful premium to a long-dated bearish options bet, signaling either an expectation of a major decline over time or a tail-risk hedge against a severe drawdown.

Overall, the large-trade flow points clearly bearish. The block activity was entirely concentrated in put buying, with no offsetting bullish large orders, which suggests institutional positioning is skewed toward downside protection or outright negative directional conviction. Given the long-dated tenor and the far out-of-the-money strike, the sentiment appears less about short-term trading noise and more about concern over substantial longer-term downside risk in NBIS.

Strategy Reference

For a lower assignment probability, a seller could consider the 2028 60.00 USD put itself, though premium is modest; alternatively, a bear put spread such as buying the 120.00 USD put and selling the 60.00 USD put can express downside without posting excessive margin or carrying full long-dated premium risk.