Notable Friday Option Activity: SIRI, BTBT, FCX

Bit Digital Inc (BTBT) and Freeport-McMoran Copper & Gold (FCX) are experiencing unusually high options trading volume today, with BTBT seeing 133,098 contracts and FCX 119,920 contracts, each representing approximately 45% of their average daily trading volumes. Notably, a significant portion of BTBT's activity is concentrated in the $4 strike call option expiring October 2025, while FCX's volume shows interest in the $40 strike call option expiring November 2025, indicating heightened speculative or strategic positioning in these long-dated calls.

Analysis

Bit Digital Inc (Symbol: BTBT) options are showing a volume of 133,098 contracts thus far today. That number of contracts represents approximately 13.3 million underlying shares, working out to a sizeable 45.8% of BTBT's average daily trading volume over the past month, of 29.1 million shares. Particularly high volume was seen for the $4 strike call option expiring October 17, 2025, with 57,448 contracts trading so far today, representing approximately 5.7 million underlying shares of BTBT. Below is a chart showing BTBT's trailing twelve month trading history, with the $4 strike highlighted in orange: And Freeport-McMoran Copper & Gold (Symbol: FCX) saw options trading volume of 119,920 contracts, representing approximately 12.0 million underlying shares or approximately 45.7% of FCX's average daily trading volume over the past month, of 26.2 million shares. Particularly high volume was seen for the $40 strike call option expiring November 21, 2025, with 5,997 contracts trading so far today, representing approximately 599,700 underlying shares of FCX. Below is a chart showing FCX's trailing twelve month trading history, with the $40 strike highlighted in orange: For the various different available expirations for SIRI options, BTBT options, or FCX options, visit StockOptionsChannel.com. Today's Most Active Call & Put Options of the S&P 500 » Also see: ANIK YTD Return Chewy Historical PE Ratio Hologic YTD Return The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Bit Digital Inc. (BTBT) and Freeport-McMoran Copper & Gold (FCX) are both exhibiting highly unusual options market activity, with volumes representing 45.8% and 45.7% of their respective average daily share volumes. This indicates a significant concentration of strategic interest. For BTBT, the activity is extraordinarily focused, with 57,448 contracts traded on a single long-dated option—the $4 strike call expiring in October 2025—which alone accounts for a substantial portion of the day's total options volume. Similarly, FCX saw heightened interest in its November 2025 $40 strike calls. The focus on long-dated call options in both tickers suggests that market participants are placing strategic bets on significant price appreciation over a time horizon exceeding one year, or are establishing large-scale hedges. The sheer volume, particularly in BTBT, points to a potentially large, informed position being established, making these specific strike prices key levels to monitor.

Key Decisions for Investors

• The significant call option volume in BTBT and FCX warrants investigation into potential unannounced catalysts or shifts in institutional sentiment that could be driving this speculative, long-term positioning.