Trading in IREN Ltd. options surged to 558,273 contracts on Thursday, nearly 13 times the three-month average daily share volume, as investors positioned for a potential rebound despite the stock’s 13.4% drop to $35.10.
Call volume dominated, accounting for 60% of total activity with 343,572 contracts, compared to 214,701 put contracts. The most active strikes clustered around $41 and $36, reflecting a mixed outlook. Notably, the Aug. 28, 2026 $41/$60 call spread saw 19,154 contracts traded, while put activity concentrated in the $36 and $35 strikes, totaling over 18,500 contracts combined.
Open interest in the $60 call reached 22,875 contracts, significantly exceeding the 8,731 contracts for the $41 call, indicating longer-term bullish bets. Implied volatility remained elevated at 82.91%, falling 11.68 points but still nearly triple the S&P 500 average, underscoring persistent uncertainty.
The surge in options activity follows IREN’s steep stock decline, which closed at $35.10 after a 12.53% drop on Aug. 28. The company reported a Q4 revenue miss of $20 million and a net loss of $684 million, including non-cash impairments. Management also guided FY27 capital expenditures to $25–$30 billion.
Major analysts, including Cantor Fitzgerald and H.C. Wainwright, maintained bullish price targets ranging from $90 to $99, suggesting a divergence between short-term market sentiment and long-term outlooks.
