By noon in Chicago, 73% of the flow was in calls, and two top-20 market trades formed a $36 million long strangle expiring on 18 September.
The position profits only if the stock falls below $45 or rises above $79, as traders brace for earnings with implied volatility signalling a 14% move.
Iren's shares have surged 770% over the past year as it pivoted from crypto and bitcoin mining to AI customers, making the $18 billion company trade more like an AI favourite.
Is the $173 million options frenzy in Iren a smart bet on AI or a bubble ignoring its financial misses?
As AI data centers strain the US power grid, is Iren's explosive growth actually sustainable long-term?