NEBIUS closed at 232.28 USD, down 1.53 %.

The options tape featured a dominant $6.18 million net-credit spread, combining a short December 2028 $360.00 call with long January 2028 $60.00 puts. The oversized block points to institutional bearish positioning, using premium from the far out-of-the-money call to finance substantial downside protection. While headline implied volatility remains elevated, its low IV percentile suggests options are cheap relative to NEBIUS’s own history, yet the large-trade flow shows no appetite for upside exposure.

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Options Indicators

NEBIUS currently has an implied volatility of 85.68%, while its IV percentile stands at just 5.98%, which indicates that although absolute implied volatility is high, it remains low relative to its own recent historical range. In other words, volatility is on the low side for this name and options appear cheaply priced rather than expensive. With an IV/HV ratio of 1.35, implied volatility is still running above realized volatility, suggesting the market is pricing in somewhat more forward uncertainty than what has actually been observed.

The Call/Put volume ratio is 1.49.

Large Trades

A spread strategy with a net credit of $6.18 million dominated the tape: this three-leg cross-expiry CALL+PUT combination sold 1,175 contracts of the December 15, 2028 $360.0 call while buying 6,515 contracts and 1,105 contracts of the January 21, 2028 $60.0 put, with all listed legs out of the money versus the $232.28 reference stock price. Because the structure combines a short call with long puts rather than forming a synthetic position, it is best read as a bearish risk-positioning spread executed for premium intake, using the short far-out-of-the-money call to help finance downside exposure through the put purchases. The strategic intent appears to be a directional bearish bet with some cost offset, expressing caution on upside while adding protection or convexity for a major downside move.

Overall, the large-trade flow points clearly bearish. The only displayed block is a net-credit structure built around short upside exposure and long downside protection, and the aggregate bulk-order sentiment is entirely skewed to bearish positioning with no offsetting bullish large-trade interest. Taken together, the figures suggest institutional traders were positioning defensively and expressing downside expectations for NBIS rather than preparing for further upside.

Strategy Reference

For a lower assignment probability with a neutral-to-bearish lean, a seller could consider the December 2028 $360.00 call, which is far out of the money and already shown as a short leg in the institutional flow; alternatively, a bear put spread using the January 2028 $60.00 put against a lower strike may reduce margin requirements while retaining downside convexity.