Spot Bitcoin ETF Options by BlackRock Reach 7.7M, Claiming Top 10 U.S. Ranking

BlackRock’s Bitcoin ETF Options Top U.S. Rankings With 7.7M Contracts

Cryptocurrency-linked options are surging in U.S. markets, with BlackRock’s bitcoin ETF (IBIT) emerging as a major contender. Just over a year after its November 2024 debut, IBIT options have entered the top 10 by open interest.

As of Tuesday, 7,714,246 IBIT contracts were active, ranking ninth among all U.S.-listed stock, ETF, and index options, according to optioncharts.io. Among individual stocks, IBIT options rank second.

BloFin Research highlighted that this growth underscores Bitcoin’s rising appeal as a macro asset. “Including Deribit’s open interest, IBIT rivals VIX and SPY options, cementing its position as a top macro asset,” the firm told CoinDesk.

IBIT options provide regulated exposure for institutions and allow ETF holders to manage risk. Traders use them for hedging, speculation, and income strategies like covered calls. Options give holders the right to buy (call) or sell (put) the underlying asset at a predetermined price.

Despite gold surging 50% this year, IBIT options have outpaced SPDR Gold ETF (GLD) contracts, which totaled 5,151,654 open contracts on Tuesday. Options on tech giants and ETFs tied to emerging markets or long-term Treasuries also lag IBIT.

Remarkably, Nasdaq-listed IBIT options’ open interest surpassed Deribit’s bitcoin options by September’s end. While S&P 500 and Nvidia options remain the market leaders with over 20 million contracts each, IBIT’s rapid rise highlights increasing institutional adoption and mainstreaming of crypto derivatives.