Shopify Stock Sees $1.6 Million Bearish Put Bet as Shares Trade at $149

By TrendSpider Editor

A single unusual options contract on Shopify Inc. is drawing attention Friday, with a $1,602,000 put position flagged at a $180 strike expiring January 21, 2028. The trade stands out with an open interest reading 667% above normal levels, signaling a notable accumulation of bearish positioning relat

Shopify Stock Sees $1.6 Million Bearish Put Bet as Shares Trade at $149

A single unusual options contract on Shopify Inc. is drawing attention Friday, with a $1,602,000 put position flagged at a $180 strike expiring January 21, 2028. The trade stands out with an open interest reading 667% above normal levels, signaling a notable accumulation of bearish positioning relative to existing activity at that strike. SHOP shares are currently trading at $149.09, up 1.30% on the session, but still well below the 52-week high of $182.19 and comfortably above the 52-week low of $94.00.

Key Drivers of the SHOP Stock Move

• Main Catalyst: One unusual put contract was flagged on SHOP today, a $180 strike put expiring January 21, 2028, carrying a premium of $1,602,000 with a size of 300 contracts and an open interest reading of 667% above the baseline. The contract is currently in the money, as the $180 strike sits above the current price of $149.09.
• Bull Case: SHOP shares are up 1.30% today and have staged a significant recovery from the 52-week low of $94.00, suggesting underlying demand for the stock. The long-dated expiry of January 2028 on the put contract could also reflect a hedging strategy by an existing long holder rather than an outright directional short bet.
• Bear Case: The put strike of $180 is in the money relative to the current price of $149.09, meaning the buyer of this contract profits if Shopify remains below $180 through January 2028. The outsized open interest at 667% above normal is a strong signal that this is not routine flow, and the $1,602,000 premium reflects a high-conviction commitment to the downside thesis or protection against further decline from elevated levels.

The forward setup for Shopify is layered with both opportunity and risk. The stock has recovered substantially from its 52-week low of $94.00, nearly doubling to its current level around $149.09, but it remains roughly 18% below its 52-week high of $182.19. That gap between the current price and the put strike suggests the options trader is either protecting a long position entered near the highs or making a directional bet that SHOP will struggle to reclaim and hold above $180 over the next 17 months. The long duration of the contract, running through January 2026, gives the thesis significant time to play out. With e-commerce competition, merchant growth trends, and macroeconomic sensitivity all in play for Shopify, the appearance of a seven-figure, in-the-money put warrants attention from traders monitoring institutional sentiment shifts.

SHOP Unusual Options Activity

One unusual options contract was flagged in today's session for Shopify Inc.:

• Type: Put | Strike: $180 | Expiry: January 21, 2028 | Size: 300 contracts | Open Interest: 667% above normal | Status: In the money | Premium: $1,602,000

No unusual call contracts were flagged today. The sole contract identified carries the full $1,602,000 in total premium for the session, representing concentrated bearish or hedging activity at a strike that is currently above the market price by approximately $31 per share.

SHOP Seasonality

Late August has historically been a transitional period for e-commerce names like Shopify, as markets begin to position ahead of the critical back-to-school and holiday commerce seasons that drive merchant volume on the platform. A long-dated January put initiated in this window could reflect concern that the seasonal tailwinds will not be sufficient to push SHOP back toward its 52-week high of $182.19.

SHOP Relative Performance

SHOP is outperforming on today's session with a gain of 1.30%, bringing the current price to $149.09. The stock's 52-week range of $94.00 to $182.19 reflects high volatility over the past year, and at current levels the stock sits roughly in the middle of that range, leaving meaningful room in both directions heading into the fall.