Analyzing block trades in options (very large trades) can be enlightening, but it can also leave you scratching your head at times. For example, last week someone appeared to sell a strangle nearly 50,000x (selling both a call and a put around the stock price) in Nu Holdings (NU) . This strategy will make over $4 million if the stock price is between $5.50 and $9 at expiration in January. However, there’s unlimited risk with this type of trade if the stock moves away from its current price.Thus, it’s likely there are other parts to this trade we aren’t seeing (or someone has a really strong appetite for risk).