“Swapped the Nebius short for put options at the June 2027 expiration in the 'double digit strike price' range: 'Fundamentally, I am moving timelines up. As such, I want more leverage in my short positions... Nothing says leverage like options, in this case put options, which are relatively cheap due to exceptionally tight volatility measures such as the VIX.'”

Resolves at the June 2027 expiry: Nebius must fall into the double-digit strike range (from roughly $200+ around the time of the trade) for the position to pay off.