By Omor Ibne Ehsan
Publication Date: 2026-10-12 12:46:00
A $21 million options bet just landed against one of the most valuable companies on earth, and whether it signals a coming crash or something far less dramatic changes everything for Nvidia shareholders sitting on record gains.
A trader recently paid a large sum for the right to sell Nvidia (NASDAQ:NVDA | NVDA Price Prediction) shares well below their market price. The position was 100,000 put options with a $180 strike expiring January 15, 2027, bought for about $21 million.
A put gives its owner the right to sell shares at a fixed price, so it gains value when the stock falls. Nvidia closed down 0.52% at $229.28 that session, which valued the company at $5.54 trillion.
The day’s largest Nvidia options trade barely moved the stock. For shareholders, the useful question is whether the buyer expects a decline or simply wants protection.
What the $21 Million Buys
Exchange data show 101,416 contracts traded in that put, against open interest (contracts still outstanding) of 155,649.
By our own calculation, the premium works out to about $2.10 per share. The strike sits 21.5% below the October 9 close, so the stock has to fall past $180 and far enough below it to cover that cost before the trade makes money at expiration.
The contract also loses value every day as expiration approaches. Its delta of -0.09102 means the market sees only a slim chance that the stock ends below the strike.
Directional Trade or Portfolio Insurance
If this is a directional position, the buyer…
