Shopify Options Trader Bets $4.54 Million on a Rally to $140 by December 2028

April 28, 2026

By TrendSpider Editor

SHOP market update based on latest unusual_options data.

Shopify Options Trader Bets $4.54 Million on a Rally to $140 by December 2028

A single $4.54 million call contract on Shopify Inc. is drawing attention today as the stock trades at $123.61, down 0.50% on the session. The trade targets a $140 strike with an expiration of December 15, 2028, giving this bet a long runway to play out. With SHOP currently sitting in the lower half of its 52-week range of $88.14 to $182.19, the position implies a buyer who sees meaningful upside from current levels.

Key Drivers of the SHOP Stock Move

Main Catalyst: One unusual call contract was flagged today on SHOP with a $140 strike expiring December 15, 2028. The contract printed with a size of 1,000 and generated $4,540,000 in total premium. Open interest is being hit at 521% of existing OI, a signal that this is fresh positioning and not a hedge against an existing holding.
Bull Case: A $140 strike represents roughly a 13.3% move above the current price of $123.61. The buyer committed $4.54 million in premium on a single contract, a conviction-level bet that Shopify will trade above $140 at some point before December 2028. The long expiration gives the trade ample time to work, and the 521% OI ratio underscores that this is a new, aggressive directional wager rather than routine flow.
Bear Case: SHOP is currently trading well below its 52-week high of $182.19, and the stock has shed ground today with a 0.50% decline. The $140 strike remains out of the money from current levels, and the stock would need to recapture territory it has not held recently to put this trade in profit. A single large options bet, regardless of size, does not guarantee institutional consensus behind the move.

The forward setup for SHOP is nuanced. The stock is trading in the middle portion of a wide 52-week band that spans from $88.14 to $182.19, meaning it has recovered significantly from its lows but remains far from its annual peak. A two-and-a-half-year call position of this size suggests the buyer is not looking for a near-term catalyst but rather positioning for a longer-term re-rating of the business. Shopify has continued to build out its merchant ecosystem and logistics infrastructure, and any acceleration in commerce trends or margin expansion could serve as a tailwind for a move toward and beyond the $140 level before the contract expires.

SHOP Unusual Options Activity

Type: Call | Strike: $140 | Expiry: December 15, 2028 | Volume: 1,000 | Open Interest: 521% of prior OI

Total premium tied to unusual contracts today: $4,540,000. Total unusual contracts flagged: 1. There were no unusual put contracts reported, making the directional lean entirely bullish on this flow.

SHOP Seasonality

Late April through the end of the second quarter has historically been a transitional period for e-commerce stocks as investors look ahead to mid-year spending data and begin positioning around summer retail trends. A long-dated December expiration sidesteps seasonal noise entirely, capturing multiple holiday and commerce cycles before the contract settles.

SHOP Relative Performance

SHOP is down 0.50% today at $123.61, a modest underperformer on the session relative to the broader market. The stock is trading roughly 32% below its 52-week high of $182.19 but 40% above its 52-week low of $88.14, placing it in a recovery phase that has yet to fully reclaim prior highs. Peers in the e-commerce infrastructure and payments space would need to be evaluated against today's broader tape to assess relative strength, but within SHOP's own range, the current price sits closer to the floor than the ceiling.