Shopify Options Traders Pile Into $1.75M Put Sweep Even as a Deep OTM Call Signals Long-Term Bull Interest

By TrendSpider Editor

Unusual options activity in Shopify Inc. hit the tape Wednesday, with two contracts totaling $2,252,250 in combined premium drawing attention from traders watching the stock. The most notable flow was a large put sweep at the $100 strike, representing the dominant portion of that total. Shares of SH

Shopify Options Traders Pile Into $1.75M Put Sweep Even as a Deep OTM Call Signals Long-Term Bull Interest

Unusual options activity in Shopify Inc. hit the tape Wednesday, with two contracts totaling $2,252,250 in combined premium drawing attention from traders watching the stock. The most notable flow was a large put sweep at the $100 strike, representing the dominant portion of that total. Shares of SHOP are trading at $109.71, down 0.64% on the session, and remain closer to the low end of their 52-week range of $94.00 to $182.19, leaving the stock more than 39% off its annual high.

Key Drivers of the SHOP Stock Move

• Main Catalyst: Two unusual options contracts flagged in SHOP today, carrying $2,252,250 in total premium. The headline trade is a put at the $100 strike expiring January 21, 2028, with 700 contracts and an open interest reading of 31%, worth $1,753,500 in premium. A secondary call at the $200 strike expiring June 17, 2027 also appeared, with 525 contracts, an open interest reading of 143%, and $498,750 in premium.
• Bull Case: The $200 call expiring June 17, 2027 carries an open interest ratio of 143%, meaning new contracts were opened well in excess of existing open interest. This signals fresh, aggressive positioning by at least one trader who believes SHOP can nearly double from current levels within roughly 12 months.
• Bear Case: The $1,753,500 put at the $100 strike represents over 77% of total unusual premium flow today. At $109.71, the stock sits only about $9.71 above that strike, and this long-dated contract extending to January 2028 suggests at least one institutional participant is paying a significant premium to hedge against or bet on meaningful downside from here. With SHOP already sitting near the lower bound of its 52-week range, a move to $100 would push the stock to near 52-week lows.

The split in today's flow tells a complicated story for SHOP heading into the second half of 2026. The dominant put flow carries far more premium weight and targets a strike just below current price levels, while the call represents a high-conviction but lower-dollar bet on a significant longer-term recovery. Shopify has faced a challenging macro environment for e-commerce platforms, with slowing consumer spending and ongoing margin scrutiny weighing on growth-oriented names across the sector. The proximity of current price to the $94 52-week low suggests the stock has limited technical cushion if broader market conditions deteriorate or if the company fails to deliver on growth expectations in upcoming quarters. With the $100 put expiring in January 2028, whoever placed that trade has a long runway to be proven right, making it a notable signal worth monitoring as new fundamental catalysts emerge.

SHOP Unusual Options Activity

• Contract 1: Put, $100 strike, expiry January 21, 2028 | Volume: 700 | Open Interest %: 31% | Status: Out of the money | Premium: $1,753,500
• Contract 2: Call, $200 strike, expiry June 17, 2027 | Volume: 525 | Open Interest %: 143% | Status: Out of the money | Premium: $498,750

SHOP Seasonality

June has historically been a transitional month for e-commerce stocks, with investors often repositioning ahead of mid-year earnings cycles and back-to-school spending data. Longer-dated options activity placed in June, such as the January 2028 put flagged today, often reflects macro-level hedging strategies rather than near-term directional bets.

SHOP Relative Performance

SHOP is trading at $109.71 on Wednesday, down 0.64% on the session, and is sitting approximately 40% below its 52-week high of $182.19 while remaining only about 17% above its 52-week low of $94.00. This position near the lower half of its annual range underperforms the broader technology sector, which has generally recovered more substantially from late 2025 lows, and highlights the relative weakness that may be drawing the bearish options flow seen today.