Apple Inc. (NASDAQ:AAPL) stock saw bullish buying of their options so far this week, including a major investor who bought options worth $60 million betting that Apple shares will surge over $700 by October, says a report from CNBC. The bullish activity continued on Wednesday morning, when, in one of the largest option trades, 20,000 Apple $675 strike call options were traded for $21.30 each.

Apple Inc. AAPL

Apple witnesses heavy trade

A $675 October call option allows an investor to buy 100 shares at a set price within a set time frame, which in this case equals to a $43 million wager that the stock will trade above $696 by October 17th. The very same investor bought 10,000 October 700 strike calls for $14.75 each. This equals to the $15 million bet that Apple will trade over $715 by the same expiration date. That would exceed Apple Inc. (NASDAQ:AAPL)’s all-time high of $705, which it hit in September 2012.

The iPhone maker will soon split its shares 7-for-1, after which the strike price will be adjusted automatically. This implies that every 700 strike option will become seven 100 strike options. Apple has reached an all time high of $101 on a split adjusted basis

Both the trades were done within a minute on the Amex exchange shortly after 10 a.m. EDT, and according to the report, both the options were bought to open new positions.

On Tuesday, there was more heavy trade in the Apple Inc. (NASDAQ:AAPL) options, when a trader “rolled” a bullish position even higher by selling 8,300 of the July 600-strike calls and buying 10,250 of the July 680-strike calls.

Investors more optimistic after WWDC

Apple Inc. (NASDAQ:AAPL) Worldwide Developers Conference (WWDC) has started, and the bullishness in the trading activity might reflect the optimism of investors who are expecting some innovations in areas like wearable.

According to Dan Nathan of Risk Reversal.com, from a trading point of view, it might be a major player going bullish on options now.

“The price of Apple options is nearing three-year lows, and with the stock up on a big spike it makes sense to define risk and play for a retest of a previous high,” Nathan said. He added that not many were expecting that Apple would cross $700 level in some time and the trader is expecting it to happen before October.

Separately, Canaccord Genuity analyst Michael Walkley noted that the new steps and recent purchase of Beats for $3 billion will improve the growth of Apple Inc. (NASDAQ:AAPL) iOS product sales and boost the loyalty of the customers for iOS ecosystem.