SharkWater Trading  •  Data Center Desk • Insider Filing Nebius Director's Trust Files to Sell 7,260 Shares, and the Filing Itself Prices NBIS Near $186 October 16, 2026 Bottom Line Up Front A Form 144 filed October 15, 2026 shows The John W Boyton IV Trust of 2006, filing as a Nebius (Nasdaq: NBIS) director, plans to sell 7,260 shares on or about 10/15/2026 under a Rule 10b5-1 plan adopted 03/06/2026. The filing lists an aggregate market value of $1,350,432.60, which works out to about $186.01 a share (desk calc). The same trust sold 50 shares on 09/29/2026 at about $235.01, so the filing's own valuation sits roughly 21% below that print. The sale is routine plan selling. The price embedded in it is the story, and I have not verified an NBIS quote or the cause of any drop. What the Filing Says Item Per Form 144, filed Oct 15, 2026 Seller The John W Boyton IV Trust of 2006 (signed John W Boyton) Relationship to issuer Director Shares to be sold 7,260 common, via Morgan Stanley Smith Barney Aggregate market value $1,350,432.60 Implied price (desk calc) $186.01 ($1,350,432.60 / 7,260) Shares outstanding 238,400,165 (7,260 is about 0.003%) Plan Rule 10b5-1, adopted 03/06/2026 Acquired 01/03/2025, as restricted stock units from the issuer Source: SEC EDGAR Form 144, accession 0001950047-26-010270, filed 2026-10-15. Implied price and percentage figures are desk calculations from filed numbers, not a market quote. The filing does not state the date or basis of its market value. The Trust's Prior Sales Sale date Shares Gross proceeds Implied price (desk calc) 08/14/2026 5,296 $1,435,142.39 $270.99 09/15/2026 6,364 $1,338,720.86 $210.36 09/29/2026 50 $11,750.50 $235.01 Source: the same Form 144, past three months table. Implied prices are proceeds divided by shares. Sizes and cadence are consistent with a monthly plan; the September 29 sale is a 50 share top-up. Why It Matters Each sale in the table is the same plan doing the same job. The size is trivial next to 238.4 million shares. What stands out is the price line. The trust sold near $271 in August and near $235 on September 29. The new filing values the shares near $186, and the Oct 5 Nave sale and Oct 1 withholding sales we covered earlier printed around $234 to $236. That is a large gap in about ten days, and nothing in the filings explains it. Nebius has filed only this Form 144 since the October 13 Form 4. I found no 8-K, 6-K or press release dated October 14 or 15 tied to a drop, and a web search returned only undated aggregator pages, which I discarded. Whether the filer used a stale, intraday or closing reference is unknown. A plan seller is a tide table. The tide goes out on schedule whether the water is high or low. The useful information is how far down the beach the waterline sits today. The Bull Case It is small and scheduled. About $1.35 million against a market value near $44 billion (238,400,165 shares at the implied $186.01, desk calc) is noise, and the plan was adopted 03/06/2026, months before this print. Lower prices can pull plan sellers back. Some plans carry price floors. Sales continuing at a lower price would tell you nothing about conviction. The filing does not disclose any floor. A director still holds the stake. One trust selling 7,260 shares from a position built on RSUs is not a signal about the business. The Bear Case The price may have really dropped. If $186 is a true recent level, NBIS is down about 21% from the late September insider prints, with no filing to explain it. Insider paper keeps coming. Nave's 500,000 share plan sale on Oct 5, the Oct 1 withholding sales and now this trust all landed within about two weeks. Unexplained flow. Goldman's 13G/A cut on Oct 7 is still unexplained, and this adds another unexplained data point. The SharkWater Take This is not a signal about the director. It is a pricing breadcrumb. Do not trade the Form 144. If you hold or watch NBIS, pull a live quote and a chart from your broker today and find out whether $186 is real. If it is, the open question is the cause, and the filings so far do not give one. Until a quote and a cause show up, I am not taking a side on the stock. 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.