Investors with a lot of money to spend have taken a bullish stance on IREN (NASDAQ:IREN).

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with IREN, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 11 options trades for IREN.

This isn't normal.

The overall sentiment of these big-money traders is split between 63% bullish and 27%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $57,636, and 10, calls, for a total amount of $933,486.

What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $5.0 and $10.0 for IREN, spanning the last three months.

Insights into Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for IREN's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of IREN's whale trades within a strike price range from $5.0 to $10.0 in the last 30 days.

IREN 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

About IREN

IREN Ltd is engaged in data center business powering the future of Bitcoin, AI and beyond utilizing renewable energy.

Following our analysis of the options activities associated with IREN, we pivot to a closer look at the company's own performance.

Current Position of IREN

• Trading volume stands at 5,752,487, with IREN's price up by 7.97%, positioned at $7.12.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 56 days.

Professional Analyst Ratings for IREN

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $12.0.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access.* An analyst from JP Morgan upgraded its action to Overweight with a price target of $12.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.