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BlackRock Bitcoin ETF options pull in nearly $2B

"He's never seen anything like this before," says Bloomberg analyst Eric Balchunas on the launch of options trading for BlackRock's Bitcoin ETF (IBIT).

By Mike Hesp
• 2 min read
BlackRock Bitcoin ETF options pull in nearly $2B

"He's never seen anything like this before," says Bloomberg analyst Eric Balchunas on the launch of options trading for BlackRock's Bitcoin ETF (IBIT). In a single day, the derivative from the world's largest asset manager drew in nearly $2 billion.

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For comparison: ProShares' Bitcoin Futures ETF (BITO) has raised about $363 million on the market over three years so far. According to Bloomberg analyst James Seyffart, the strong interest in the option version of the IBIT ETF is likely the main reason for Bitcoin's record level yesterday. Last night, Bitcoin briefly surged above $94,000.

In September, the U.S. regulator SEC gave the green light for options trading on multiple Bitcoin Spot ETFs, including BlackRock's IBIT. It officially debuted on Tuesday on the Chicago Mercantile Exchange (CME).

Experts hope this diversification of products will lead to greater institutional engagement in Bitcoin.

Overall, IBIT is among BlackRock's most successful ETF products. Recently, its assets under management even surpassed BlackRock's own gold ETF.

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