BlackRock’s IBIT Bitcoin ETF Options Break Into U.S. Top 10 With Over 7.7 Million Active Contracts

By Matej Prša

IBIT options break into the U.S. top 10

Options tied to BlackRock’s spot Bitcoin ETF, known as IBIT, have surged in popularity and secured a position among the ten largest options markets in the United States. Data from optioncharts.io shows that as of Tuesday traders held a total of 7,901,926 active IBIT contracts.

Open interest for IBIT options contracts. Source: optioncharts.io

This places the product ninth among all options linked to U.S. listed stocks, ETFs and indices. When focusing solely on stocks, IBIT options come in second overall in open interest.

This rapid rise is especially notable considering that IBIT options only debuted in November 2024. Their introduction opened the door for more sophisticated risk management strategies for ETF holders and offered institutions a regulated pathway to access Bitcoin options.

Since then, market participants have used the contracts for a range of strategies including hedging, speculation and yield generation through methods such as covered calls.

Growing recognition of Bitcoin as a macro asset

Analysts say the surge in IBIT options underscores Bitcoin’s growing appeal among mainstream investors. Research firm BloFin notes that the activity surrounding IBIT places Bitcoin in the same conversation as some of the most widely traded macro assets.

According to BloFin, if open interest from Deribit, a major crypto options exchange, is added to the equation, IBIT’s options activity rivals that of VIX and SPY options. 

According to @optioncharts_io, IBIT options open interest has reached ninth place in the US market. If @DeribitOfficial ‘s open interest is included, it rivals VIX and SPY options, further solidifying its position as one of the most popular macro assets. pic.twitter.com/AUPreoEokq

— BloFin Research (@BloFin_Academy) December 2, 2025

Both are staples of macro trading and hedge fund risk management. This reinforces Bitcoin’s evolving status as an asset that institutions consider relevant in broader economic and market positioning.

Options are derivative contracts that provide the right to buy or sell the underlying asset at a set price in the future. A call option provides the right to buy while a put option grants the right to sell. Their growing use around Bitcoin ETFs highlights how traders are integrating digital assets into strategies that were once reserved for traditional markets.

Outpacing gold and major tech names

IBIT’s momentum is even more striking when compared with traditional safe haven and tech assets. The SPDR Gold Shares ETF has enjoyed a strong year, with gold prices up 50 percent. Despite that rally, options tied to the gold ETF stand at just over 5.1 million open contracts. IBIT options comfortably surpass that figure.

Options tied to prominent technology companies such as Apple, Amazon, Intel, Netflix and Tesla also trail IBIT in open interest. ETFs focused on emerging markets and long term Treasury notes show similarly lower activity.

At the top of the market, S&P 500 and Nvidia options continue to dominate with more than 20 million open contracts each. Even so, the rapid rise of IBIT options signals a shift in investor behavior as Bitcoin continues to mature within the broader financial ecosystem.

Source:: BlackRock’s IBIT Bitcoin ETF Options Break Into U.S. Top 10 With Over 7.7 Million Active Contracts