IREN Ltd closed at $39.58, down 6.23%.

Large options trades in IREN showed a clear preference for bullish premium collection. The biggest print was a $3.16 million sale of March 2027 $30 puts, while a $1.53 million purchase of the same strike reflected hedging rather than outright bearishness. With call volume running 2.84 times put volume and implied volatility near historic lows for the name, institutional flow leaned constructive even as shares pulled back.

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Options Indicators

IREN’s implied volatility is 101.34%, while its IV percentile stands at just 5.58%, which indicates that although the absolute IV level is still very high, it sits near the low end of its own historical range. In other words, current option pricing is relatively cheap compared with where this name’s volatility has typically traded, and the IV/HV ratio of 0.85 further suggests implied volatility is running below realized volatility rather than carrying a rich premium. Overall, this points to options being on the inexpensive side despite the stock’s inherently volatile profile. The Call/Put volume ratio is 2.84.

Large Trades

A PUT sale worth $3.16 million was the largest displayed large trade, with investors selling 6,200 contracts of the March 19, 2027 $30.00 put while the stock reference price was $39.58, leaving the strike out of the money. This is a moderately bullish to neutral income-oriented position, as the seller is expressing confidence that IREN can remain above $30.00 into expiration while collecting premium and accepting the obligation to buy shares at that level if assigned.

A PUT purchase worth $1.53 million was the other displayed large trade, involving 3,000 contracts of the March 19, 2027 $30.00 put. With the strike also out of the money versus the $39.58 reference price, this trade reflects a bearish hedge or downside speculation, positioning for a larger decline over time or for protection against a sharp drawdown below $30.00. Overall, the bulk-order flow leans bullish on balance: the largest displayed trade was premium-selling on an out-of-the-money long-dated put, and the full large-trade mix also shows more upside-oriented positioning than downside demand. Even with notable protective or bearish put buying present, the broader institutional tone suggests investors are more inclined toward constructive or risk-tolerant positioning than outright bearish conviction.

Strategy Reference

For a lower assignment probability on a put sale, consider the March 2027 $25.00 strike, which sits roughly 36.84% below the reference price and offers a wider margin of safety while still collecting meaningful premium given the elevated absolute IV.