OPTIONS FLOW$WPMWheaton Precious Metals Corp.Open ticker analysis →
Wheaton Precious Metals options lit up on Monday when a $54.5M floor trade crossed in the Jan 15, 2027 $150 puts. The tape did not show a clear buyer or seller, and the strike sits deep in the money, so the position tracks the stock almost dollar for dollar.
What happened
The trade printed in the final half hour, around 3:35 p.m. ET on Monday, September 28, with $WPM trading near $135.85. 25,000 contracts went through at $21.80 apiece, or $2,180 per contract, for $54.5M in total premium.
It was executed as a floor trade, negotiated off the screen, which is how institutions usually move size without chasing the market.
There were already 25,067 contracts open at this strike, so the trade could be adding to a position or unwinding one. The next open-interest update will settle which.
Why it matters
Without a clear aggressor, the trade could be opening or closing, bullish or protective. The levels still matter: $150 is the strike and $128.20 is where the position breaks even at expiration.
Adjusted for delta, the position behaves like roughly 1,478,300 shares of WPM, or about $200.83M of stock exposure in a company valued near $64.9B.
With 109 days until Jan 15, 2027, this is positioning for months, not a quick flip. Implied volatility sat near 47%, a middle-of-the-road price for movement.
Over the last 11 sessions $WPM has traded between $134.07 and $154.99 and is down 10.1% over that stretch. The stock came into this trade near the bottom of that range.
The numbers
| Contract | WPM Jan 15, 2027 $150 Put |
|---|---|
| Expiration | Jan 15, 2027 (109 days) |
| Execution | Floor Trade |
| Contracts | 25,000 |
| Price | $21.80 ($2,180 per contract) |
| Total premium | $54.5M |
| Stock at the trade | $135.85 |
| Strike vs. stock | 10.4% in the money |
| Breakeven at expiration | $128.20 |
| Delta | 0.59 |
| Implied volatility | 47% |
| Open interest before | 25,067 |
Three ways this could play out
Bullish continuation
If $WPM pushes through $154.99, the top of its recent range, calls at and below $150 gain and puts lose value.
Bearish rejection
If $WPM slips under $134.07, the bottom of its recent range, puts at $150 gain and calls lose value.
Neutral stabilization
If $WPM chops between $134.07 and $154.99 into Jan 15, 2027, time decay does the work. Premium sellers win that fight; premium buyers lose it.
What to watch next
- $128.20: breakeven for this trade at expiration.
- $150 strike: whether $WPM moves toward it or away from it.
- Open interest at the $150 put in the next session. A jump confirms a new position; a drop points to a close.
- Repeat flow in the Jan 15, 2027 expiration. More size at nearby strikes would show this was not a one-off.
- $134.07 and $154.99: the edges of WPM’s recent trading range.
- January 15, 2027: expiration, 109 days out.
