SharkWater Trading  •  Data Center Desk • Insider Filing Nebius Director Keeps Buying Into the Slide: Grimme’s Plan Fills Dropped From $169.99 to $153.96 October 27, 2026 Bottom Line Up Front Nebius (Nasdaq: NBIS) director Arne Grimme bought 208 shares at $153.96 on October 26, per a Form 4 filed that day. That is the lowest of eight consecutive daily plan fills since October 15, which started at $169.99: a drop of 9.4 percent in fill price (desk calc). The plan is also sizing up on weakness. Buys ran 148 to 151 shares through October 21, then 357 shares on October 22, then 205 and 208. He now holds 7,398 direct shares. Total across the eight sessions: 1,513 shares, about $247,600 (desk calc). All of it sits under a Rule 10b5-1 plan adopted June 15, 2026. What the Filing Shows Trade date Shares Price Notional (desk calc) Source Oct 15 148 $169.99 $25,159 Prior SharkWater post (Form 4, 0001513845-26-000130) Oct 16 148 $169.99 $25,159 Same Oct 19 148 $169.99 $25,159 Form 4 0001513845-26-000132 Oct 20 151 $164.62 $24,858 Form 4 0001513845-26-000134 Oct 21 148 $167.94 $24,855 Form 4 0001513845-26-000136 Oct 22 357 $161.97 $57,823 Form 4 0001513845-26-000141 Oct 23 205 $158.98 $32,591 Same Oct 26 208 $153.96 $32,024 Same Source: SEC EDGAR Form 4 filings for Nebius Group N.V. (CIK 1513845), read 2026-10-27. Oct 15 and Oct 16 rows are carried from the October 20 SharkWater post and were not re-read today. Notional figures are shares times filed price, a desk calculation, not a market quote. The Fixed-Price Theory Is Dead Last week I flagged three straight fills at exactly $169.99 and guessed the plan might trigger at or below a fixed limit. The next five fills do not fit a single flat limit. Prices stepped down to $164.62, bounced to $167.94, then fell to $161.97, $158.98 and $153.96. The notional also changed. The first five fills each came to about $25,000. The last three came to $57,823, $32,591 and $32,024 (desk calc). The filing does not disclose the plan terms, so I cannot tell you whether this is a price ladder, a dollar target that scales, or something else. What the tape does show: the buyer sized up when the price dropped, and then stayed larger than the original $25,000 pace. The three most recent fills total 770 shares for $122,438 (desk calc). The eight-session share-weighted average is about $163.67 (desk calc), so the latest fill sits roughly 6 percent below the plan’s average cost. Every filed footnote says the same thing: 10b5-1 plan, adopted June 15, 2026. Nebius is a foreign private issuer, so the filings carry a Section 16(b) and 16(c) exemption remark. A plan that pays out more line the deeper the water gets is a trotline, not a rod. Nobody is feeling the bite. The hooks go where the schedule says. Context From Primary Sources Nebius’s own newsroom lists a press release dated October 22, 2026: a $3.5 billion financing facility with Citi. That was the same day as the 357-share fill at $161.97. Our October 23 post covered the facility. The newsroom also lists an October 21 press release on compute pricing and an October 21 blog post on a Physical AI Workbench with NVIDIA. I found no filing or release that explains the fall in the fill price from $167.94 on October 21 to $153.96 on October 26. I have no verified quote or volume for NBIS today. Source: nebius.com/newsroom, read 2026-10-27. NBIS price and volume: NOT VERIFIED, no primary-source quote available this run. The Bull Case The buyer is price-aware. Size jumped from 148 shares to 357 as the fill price fell from $167.94 to $161.97, and stayed above 200 after that. The plan survives the drawdown. Eight straight sessions of fills while the price slid 9.4 percent says the plan did not pause. The position is growing. Direct holdings went from 5,885 before the October 15 buy to 7,398 after October 26, a gain of 1,513 shares (desk calc). The Bear Case It is a pre-set plan. The June 15 adoption date means the schedule predates this slide. It carries no information about what the board knows today. The size is small. About $247,600 total (desk calc) against the 7,260 shares Director John Boynton IV sold on October 15 alone, per his Form 4 filed October 19. Falling fills are not a floor. Each lower fill means the stock kept dropping. A buyer stepping down with the price is not a support level. The SharkWater Take I am not reading this as a buy signal. A plan adopted in June that scales up as the price falls is a mechanical buyer, and mechanical buyers do not tell you where the bottom is. What I do take from it: the Citi facility news on October 22 did not stop the slide, and the plan sized up into it. The test is simple. If the next fills print well below $153.96 and the size stays near $32,000 a day, the plan is price-insensitive below this zone and tells us nothing. If size jumps again, it is a ladder and the steps are worth mapping. I have no live quote or options chain, so I take no side on NBIS today. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. The author may hold positions in securities discussed. Do your own work.