Iris Energy Ltd. closed at USD 41.58, down 3.68% from the previous session.

A dominant $6.00 million put sale at the 30.0 strike for 2027-03-19 anchored the session’s large-trade activity, signaling confidence in downside support. This was offset by a much smaller bearish call spread that capped upside through short 60.0 calls and long 65.0 calls. While the stock remains highly volatile in absolute terms, the options complex suggests a cautiously positive institutional posture favoring premium-selling structures over aggressive directional bets.

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Options Indicators

IREN’s implied volatility is 86.73%, while its IV percentile is just 2.79%, which indicates that although the absolute IV level is high, it sits near the bottom of its own historical range. Combined with an IV/HV ratio of 1.02, options appear fairly close to realized volatility and are currently on the cheap side rather than richly priced. In practical terms, the market is still assigning substantial movement potential to the stock, but relative to its past volatility regime, current option premiums are subdued. The Call/Put volume ratio is 1.36.

Large Trades

A PUT sale worth $6.00 million was the dominant large trade of the session, with 15,000 contracts sold at the 30.0 strike expiring on 2027-03-19. With the stock reference price at 41.58, this put was out of the money, making the trade a moderately bullish income-oriented stance: the seller is effectively expressing confidence that IREN can stay above 30.0 into expiration, while collecting premium and potentially being willing to accumulate shares at a lower effective entry level if assigned. The size and long-dated tenor suggest conviction in downside support rather than an outright chase for upside.

A bearish call spread with a net credit of $225,000 was the other highlighted institutional structure, built by selling the 60.0 call expiring on 2027-04-16 and buying the 65.0 call expiring on 2027-03-19, 1,500 contracts each. Both strikes sit out of the money versus the 41.58 stock reference, and the structure points to a capped bearish-to-neutral view, using a net credit spread to collect premium while positioning for IREN to remain below the short-call area. Strategically, this reflects limited-risk premium collection with a negative directional bias, indicating that while some large players are comfortable selling upside exposure, they are also defining risk rather than pressing an aggressive outright bearish bet.

Overall, the bulk-order flow leans bullish on balance. The clearest driver is the very large out-of-the-money put sale, which signals confidence in downside support and a willingness to monetize elevated premium through a constructive stance, while the opposing bearish call spread is much smaller and looks more like selective upside capping than a dominant negative thesis. Taken together, the large-trade profile suggests the market is cautiously positive on IREN, with institutional activity favoring premium-selling structures that imply stabilization and support rather than fear of a major downside break.

Strategy Reference

For a low assignment probability, a seller could consider the 20.0 put expiring in the same 2027-03-19 cycle, which sits far below both the recent close and the dominant 30.0 put sale area, collecting a smaller premium but with much deeper downside cushion; alternatively, a bull put spread such as selling the 30.0 put and buying the 20.0 put reduces margin requirements while retaining a constructive income stance.