Arm Traders Quietly Stockpiling Call Options Have Yet to Cash In

Investors who bought long-datedcall options in the weeks before Arm Holdings Plc’s earnings report spurred a furious rally have yet to cash in on millions of dollars in gains.

Starting in early January, an investor or investors bought calls expiring in January 2026 allowing them to buy about 9 million shares at levels ranging from $67.50 to $77.50. At the time, that wasn’t far off from the market price of the stock, which swung between $65.11 and $79.94 during the month.

But shares jumped 48% in a single session and touched $164 this week after the chip designer on ...