OPTIONS FLOW$NBISNebius Group N.V.Open ticker analysis →
A 2-leg, $1.55M options structure landed in $NBIS on Wednesday, built around the $50 to $100 strikes. It reads as a multi-leg options structure, a trade about how far Nebius moves and when, more than a simple call on direction.
What happened
The legs printed together in the final half hour, around 4:00 p.m. ET on Wednesday, October 21, with $NBIS near $171.81, for $1.55M in combined premium across 3,000 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader paid about $950K to put the position on. The sold legs mean the risk does not stop at that debit if the stock moves hard against them.
- NBIS Jan 21, 2028 $50 Put: 2,000 contracts at $6.25 (bought)
- NBIS Jan 15, 2027 $100 Put: 1,000 contracts at $3.00 (sold)
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
Net of all legs, the structure behaves like being short roughly 900 shares of NBIS, about $159K of stock exposure.
The strikes run from $50.00 (70.9% below the stock) to $100.00 (41.8% below the stock), so the trade is built around a zone rather than a single target.
With 85 days until Jan 15, 2027, this is positioning for months, not a quick flip. Implied volatility was near 97%, very high, as the market prices in big swings.
The numbers
| Structure | Multi-leg options trade (2 legs) |
|---|---|
| Lean | Direction depends on the legs |
| Expirations | Jan 15, 2027 and Jan 21, 2028 (nearest in 85 days) |
| Strikes | $50, $100 |
| Contracts | 3,000 |
| Total premium | $1.55M |
| Net cost | $950K debit |
| Stock at the trade | $171.81 |
Three ways this could play out
Bullish continuation
A move through $100.00 puts $NBIS above every strike. Legs above the stock price take over the result.
Bearish rejection
A drop under $50.00 takes $NBIS below every strike. Legs below the stock price take over the result.
Neutral stabilization
If $NBIS settles between $50.00 and $100.00 into Jan 15, 2027 and Jan 21, 2028, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $50.00 and $100.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Jan 15, 2027 and Jan 21, 2028: expiration, 85 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
