ARM Holdings Sees Unusual Put Activity Totaling $2.4M as Stock Slides 2.65%

By TrendSpider Editor

Unusual bearish options activity is flashing on Arm Holdings plc today, with two notable put contracts generating a combined premium of $2,400,845 as the stock trades at $356.67 on Wednesday, June 24, 2026. The larger of the two contracts alone carried $2,362,500 in premium, pointing to a meaningful

ARM Holdings Sees Unusual Put Activity Totaling $2.4M as Stock Slides 2.65%

Unusual bearish options activity is flashing on Arm Holdings plc today, with two notable put contracts generating a combined premium of $2,400,845 as the stock trades at $356.67 on Wednesday, June 24, 2026. The larger of the two contracts alone carried $2,362,500 in premium, pointing to a meaningful directional bet to the downside. ARM currently sits well off its 52-week high of $452.608 but remains far above its 52-week low of $100.02, giving context to how elevated the stock remains despite today's pullback.

Key Drivers of the ARM Stock Move

• Main Catalyst: Two unusual put contracts were flagged today with a combined premium of $2,400,845. The headline trade is a PUT at the $290 strike expiring November 20, 2026, with a size of 500 contracts, an open interest surge of 1,316%, and a premium of $2,362,500. A second PUT at the $670 strike expiring January 21, 2028, carried $38,345 in premium with open interest up 1,000%.
• Bull Case: The $290 strike put is currently out of the money with ARM trading at $356.67, meaning the stock would need to fall more than 18.7% from current levels for that contract to be in the money at expiration. The stock's 52-week low of $100.02 represents a floor that long-term holders may point to as evidence of durable demand at lower levels.
• Bear Case: Both contracts reflect sharply elevated open interest, with the November put showing a 1,316% OI increase and the January 2028 put up 1,000%. The total $2.4M in premium committed to the downside, combined with today's 2.65% price decline, suggests institutional players may be positioning for continued weakness or hedging significant long exposure.

The forward setup for ARM is worth monitoring closely. The $670 strike put expiring January 2028 is currently deep in the money with the stock at $356.67, suggesting it could represent a hedge on an existing long position or a longer-term directional bet on further downside. The November 2026 put at $290 is out of the money and would require a meaningful breakdown to pay off, but the size of 500 contracts and the dramatic open interest increase indicate this is not a casual retail trade. Together, these contracts suggest at least some smart money participants are either protecting gains or outright betting against ARM into the second half of 2026 and beyond.

ARM Unusual Options Activity

• Contract 1: Put | Strike: $670 | Expiry: January 21, 2028 | Size: 1 | Open Interest Change: 1,000% | Status: In the Money | Premium: $38,345
• Contract 2: Put | Strike: $290 | Expiry: November 20, 2026 | Size: 500 | Open Interest Change: 1,316% | Status: Out of the Money | Premium: $2,362,500

No call contracts were flagged in today's unusual activity scan, with a put count of 2 and a call count of 0. The absence of any bullish options flow alongside $2.4M in total put premium reinforces the one-sided bearish tone of today's activity.

ARM Seasonality

Late June historically marks a transitional period for semiconductor names as investors position ahead of second-half earnings cycles. The November 2026 expiration on the larger put contract aligns with the window when ARM would typically be approaching its next major earnings report, which may be a factor in the trade's structure.

ARM Relative Performance

ARM is down 2.65% on the session to $356.67, underperforming broader market sentiment on the day. The stock remains approximately 21% below its 52-week high of $452.608, though it has more than tripled off its 52-week low of $100.02, reflecting the significant run the stock has had over the past year and the potential vulnerability that comes with elevated valuations in the semiconductor design space.