OPTIONS FLOW$NBISNebius Group N.V.Open ticker analysis →
A $7.7M large options trade hit $NBIS Nov 20 $180 calls on Friday, the kind of size that gets noticed on Nebius's options tape. The buyer paid up to get filled, on a strike 5.7% above the stock.
What happened
The trade printed midday, around 12:40 p.m. ET on Friday, October 16, with $NBIS trading near $170.32. 5,000 contracts went through at $15.40 apiece, or $1,540 per contract, for $7.7M in total premium.
It printed as a cross, with a buyer and seller matched in one pre-arranged print, a common way for large desks to trade size.
Only 2,726 contracts were open at this strike beforehand, so at least part of this is a fresh position rather than an old one being closed.
Why it matters
Buying calls is the straightforward bullish trade. The buyer needs $NBIS above about $195.40 by Nov 20 to come out ahead at expiration, 14.7% from where the stock traded.
Adjusted for delta, the position behaves like roughly 238,000 shares of NBIS, or about $40.54M of stock exposure in a company valued near $51.2B.
With 35 days until Nov 20, the trade has a few weeks to be right, enough room for a catalyst but not much for waiting. Implied volatility was near 89%, very high, as the market prices in big swings.
Over the last 12 sessions $NBIS has traded between $163.36 and $255.10 and is down 29.8% over that stretch. The stock came into this trade near the bottom of that range.
The numbers
| Contract | NBIS Nov 20 $180 Call |
|---|---|
| Expiration | Nov 20, 2026 (35 days) |
| Execution | Large Options Trade |
| Side | Buy side (at or near the ask) |
| Contracts | 5,000 |
| Price | $15.40 ($1,540 per contract) |
| Total premium | $7.7M |
| Stock at the trade | $170.32 |
| Strike vs. stock | 5.7% out of the money |
| Breakeven at expiration | $195.40 |
| Delta | 0.48 |
| Implied volatility | 89% |
| Open interest before | 2,726 |
Three ways this could play out
Bullish continuation
If $NBIS pushes through $255.10, the top of its recent range, the move works for this buyer and the flow starts to look like early conviction rather than noise.
Bearish rejection
If $NBIS slips under $163.36, the bottom of its recent range, the pressure lands on this buyer, and $195.40 becomes the level that decides whether the trade is saved.
Neutral stabilization
If $NBIS chops between $163.36 and $255.10 into Nov 20, time decay does the work. That slowly bleeds this buyer, who loses a little value every day the stock goes nowhere.
What to watch next
- $195.40: breakeven for this trade at expiration.
- $180 strike: whether $NBIS moves toward it or away from it.
- Open interest at the $180 call in the next session. A jump confirms a new position; a drop points to a close.
- Repeat flow in the Nov 20 expiration. More size at nearby strikes would show this was not a one-off.
- $163.36 and $255.10: the edges of NBIS’s recent trading range.
- November 20, 2026: expiration, 35 days out.
