Circle Internet Options Volume Spikes, Dominated by Bullish Call Contracts

Options trading in Circle Internet Group Inc. saw a significant surge in activity Friday, with total volume reaching 195,548 contracts by 12:20 p.m. New York time. The heightened volume coincided with a rally in the company's stock, which rose more than 5% in intraday trading.

Bullish Bets Dominate Trading

The activity was heavily skewed toward bullish bets, according to exchange data compiled by Bloomberg. Call options, which are typically used to speculate on a price increase, accounted for 151,751 of the contracts traded. In contrast, put options, used to bet on a price decline, totaled 43,797 contracts.

This call-to-put ratio of more than 3-to-1 indicates strong positive sentiment among options traders. The most active contracts were short-term calls with strike prices above the current stock price, suggesting traders were positioning for further upside.

Key active options included:

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• The July 10, 2026 $70 call, which was the most traded with 11,442 contracts.
• The July 10, 2026 $72 call, with 9,502 contracts changing hands.
• The July 10, 2026 $75 call, which saw volume of 9,368 contracts.
• On the put side, the most active was the July 17, 2026 $45 put, with 5,544 contracts traded.

Stock Performance and Volatility

In the underlying stock market, Circle Internet shares gained 5.49% to trade at $66.47 on Friday. The move came as traders digested the heavy options flow.

Despite the stock's sharp move, the company’s three-month implied volatility fell slightly by 0.22 percentage points to 88.93%, a measure that reflects market expectations of future price swings. Meanwhile, the three-month 90/110 skew, which compares the cost of bearish puts to bullish calls, rose 0.12 percentage points, according to the data.