On May 7, 2026, options trading activity in Iren, a data-center owner with an $18 billion market capitalization, surged to levels typically seen in much larger AI companies. Iren recorded two of the top 20 largest options trades in the market on Thursday, with a total of $173 million in options premium changing hands—73% of which was in call options. In stark contrast, less than $1 million in options traded in total between Equinix and Digital Realty Trust, whose combined market cap is nearly ten times that of Iren. By noon Chicago time, Iren's options trading volume had even surpassed the dollar amount traded in the VanEck Semiconductor ETF [1].
The most notable trades included a $36 million long strangle, where a trader bought 12,500 65-strike calls and an equal number of 60-strike puts, both expiring on September 18, 2026. This strategy will only be profitable if Iren's stock price moves dramatically—either crashing below $45 or rallying above $79, which would mark a new all-time high [1].
Iren's stock has been a favorite among retail traders over the past year, soaring 770% as the company shifted its focus from crypto and bitcoin mining to serving AI customers. This strategic pivot has contributed to the heightened interest and volatility surrounding the stock [1].
Ahead of Iren's earnings report scheduled for the evening of May 7, implied volatility suggests the market is expecting a 14% swing in the stock price. However, historical data from the past year shows that while the average implied move around earnings was 12%, the median actual move was only 6%, indicating that traders may be overpaying for options in anticipation of earnings events [1].
CONCLUSION
Iren has captured significant attention from options traders, with trading volumes and strategies reflecting expectations of major price movements tied to its AI-focused transformation. The company's upcoming earnings report is a key catalyst, though historical trends suggest actual volatility may fall short of market expectations. Overall, Iren's shift toward AI and the resulting options activity signal strong market interest and potential for continued volatility.