Shopify Options Traders Drop $4.9 Million on a Single Bullish Call Contract Near All-Time Highs

By TrendSpider Editor

A single unusually large call contract in Shopify Inc. (SHOP) is drawing attention on Tuesday, as a trader committed $4,905,000 in premium to a $150 strike call expiring June 17, 2027, with the stock sitting at $148.345. The contract's open interest came in at 394% above normal levels, flagging it a

Shopify Options Traders Drop $4.9 Million on a Single Bullish Call Contract Near All-Time Highs

A single unusually large call contract in Shopify Inc. (SHOP) is drawing attention on Tuesday, as a trader committed $4,905,000 in premium to a $150 strike call expiring June 17, 2027, with the stock sitting at $148.345. The contract's open interest came in at 394% above normal levels, flagging it as a high-conviction directional bet. SHOP currently trades within its 52-week range of $94 to $182.19, placing it in the upper half of that band but still roughly 19% below its annual high.

Key Drivers of the SHOP Stock Move

• Main Catalyst: One unusual call contract was detected on SHOP: a $150 strike call expiring June 17, 2027, with 1,500 contracts traded, an open interest reading of 394% above normal, and a total premium of $4,905,000. The strike is nearly at-the-money relative to the current price of $148.345.
• Bull Case: The sheer size of the premium at $4,905,000 and the 394% open interest spike signal that a large, sophisticated participant is making a long-dated, high-conviction bet that SHOP trades above $150 before June 2027. With roughly 10 months until expiry, the trader has significant time for the thesis to play out, and the stock is already within striking distance of the target.
• Bear Case: SHOP is down 0.21% on the session and sits about 19% below its 52-week high of $182.19. For this call to expire profitably, the stock needs to clear $150 and hold above it, which has not been sustained recently. With no put activity recorded today, there is no offsetting hedge visible, meaning the risk is one-directional if the stock continues to lag.

The forward setup for SHOP is intriguing given the long-dated nature of this options trade. A June 2027 expiration gives the buyer exposure through multiple upcoming earnings cycles and any macro developments that could affect e-commerce and software spending. The at-the-money positioning suggests the trader is not banking on a moonshot, but rather a moderate move higher from current levels, making this a measured rather than speculative swing. Shopify has been navigating a competitive landscape in commerce infrastructure while expanding its merchant services and payments ecosystem, and any acceleration in those segments could provide the catalyst this options position needs to pay off.

SHOP Unusual Options Activity

One unusual options contract was flagged in SHOP on Tuesday:

• Type: Call | Strike: $150 | Expiry: June 17, 2027 | Volume: 1,500 contracts | Open Interest: 394% above normal

This is the sole contract driving today's unusual options signal, with zero puts flagged and the entire $4,905,000 in total premium concentrated in this single bullish position. The 394% open interest reading indicates this contract attracted dramatically more activity than its historical baseline, which is a common hallmark of institutional or informed positioning.

SHOP Seasonality

Historically, the late summer period heading into fall has been a transitional window for e-commerce stocks, with investor focus beginning to shift toward holiday season expectations and Q3 earnings previews. A June 2027 expiration on this call captures what is typically one of Shopify's stronger seasonal periods as merchants ramp inventory and platform usage ahead of the holiday selling cycle.

SHOP Relative Performance

SHOP is marginally lower on the session, off 0.21%, which is a relatively contained move given the broader volatility that can affect high-growth software and e-commerce names. The stock's current price of $148.345 represents a substantial recovery from its 52-week low of $94, reflecting a gain of more than 57% from that trough, though it still trails meaningfully from the 52-week peak of $182.19 set earlier in the cycle.