Traders are loading up on bets Snap will hit a record high

Someone just made a big wager that Snap will hit a record high.

At 10:18 a.m. ET, several bullish block trades totaling about 8,500 shares changed hands, betting that Snap will climb to $27.50 by May 26. That would beat the company's previous record of $27.09, reached on March 3, two days after its initial public offering.

In order for the options speculator to be in the money, the company's stock has to rise 26% from Wednesday's close. It's already making good progress, climbing 5.6% for the day as of 12:06 p.m.

This level of call trading is aberrant for Snap. More than 26,000 contracts have already changed hands today, 42% more than the 20-day average.

The bullishness may be in response to Snap's earlier announcement that it's releasing a self-service ads manager. The move is expected to broaden the number of advertisers who do business with Snap, which is already expected to see ad revenue of $1 billion this year.

Get the latest Snap stock price here.