Grayscale Investments and Bitwise are set to begin trading options for their Bitcoin exchange-traded fund (ETF) products today, marking a significant milestone in the cryptocurrency market. The move follows BlackRock’s record-breaking debut of its iShares Bitcoin Trust (IBIT) options, which reached a staggering $1.9 billion in trading volume on its first day.
Grayscale Expands Bitcoin ETF Ecosystem
Grayscale announced via X on November 20 that options trading for its flagship Bitcoin products—Grayscale Bitcoin Trust (GBTC) and its mini trust version—will commence today. This development comes after securing approval from the Options Clearing Corporation (OCC), making Grayscale the second major player to offer Bitcoin-related options trading.
“Grayscale is thrilled that options trading on both $GBTC and $BTC will begin tomorrow, further developing the ecosystem around our U.S.-listed #Bitcoin ETP,” the company stated in its post. Grayscale also expressed gratitude to its clients for their continued support, noting that GBTC, launched in 2013, has been a cornerstone for Bitcoin investment.
Bitwise Joins the Options Market
Bitwise is also entering the options trading arena with its Bitcoin ETF (BITB). This product aims to provide institutional investors and traders with tools to hedge their exposure and execute advanced strategies. Both Grayscale and Bitwise products will trade on the New York Stock Exchange (NYSE) Arca, a platform that hosts over 11,000 listed securities.
BlackRock Sets the Stage
The introduction of these products follows BlackRock’s successful launch of options trading for its iShares Bitcoin Trust (IBIT). On its first day, IBIT saw 354,000 contracts traded, including 289,000 call options and 65,000 put options, reflecting strong investor interest. Analysts credit this activity with driving Bitcoin’s price to an all-time high of $94,041.
Market Impact
The addition of Grayscale and Bitwise options is expected to further boost Bitcoin’s appeal among institutional investors, enhancing market liquidity and offering more sophisticated trading opportunities. As the Bitcoin ETF ecosystem continues to expand, these developments underscore growing confidence in the digital asset market.
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