Spot Bitcoin ETF Options Launch on Nasdaq with Record 73K Contracts Traded

Options trading on BlackRock's iShares Bitcoin Trust ETF (IBIT) launched on the Nasdaq, with an impressive 73,000 contracts exchanged in the first hour

Options trading on BlackRock’s (NYSE:BLK) iShares Bitcoin Trust ETF (NASDAQ:IBIT) officially commenced on Friday, with a record-breaking 73,000 contracts being exchanged within the first 60 minutes of activity.

According to Nasdaq, this initial surge positioned IBIT among the most active non-index options, indicating strong market demand for the newly launched instrument.

Institutions Flock to IBIT Options as Bitcoin Hits New ATH

Nasdaq's report on Friday highlighted the brisk activity in IBIT options, with a total of 353,883 contracts being traded by the end of the day. This activity generated a notional exposure of nearly $1.9 billion.

The breakdown of options trades revealed a heavy preference for call options, with 289,143 contracts being traded compared to just 64,740 put options. This lopsided activity resulted in a call-to-put ratio of 4.4:1.

The strong institutional interest in IBIT options was also evident in the brisk trading volume, which contributed to the ETF's status as one of the 20 most actively traded non-index options on Friday.

This development comes amid a broader rally in the cryptocurrency market, with Bitcoin (BTC) hitting a new all-time high of $25,000 on Friday. The digital asset's record-setting rally has spurred anticipation for the approval of spot Bitcoin ETFs.

Earlier this week, the Securities and Exchange Commission (SEC) postponed its decision on VanEck's Bitcoin Strategy ETF (NYSEARCA:XBTF) to March 24. However, hopes remain high for the approval of spot Bitcoin ETFs in the near future.

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