Grayscale Investments (Grayscale Investments) is planning to launch Bit options, adding a brand-new investment tool to the market. This move comes closely after the record-breaking trading of BlackRock's Bit ETF (IBIT), highlighting the growing interest in crypto assets in the market.
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ToggleRiding the wave, Grayscale accelerates the launch of options products
After the huge success of BlackRock's Bit ETF options, Grayscale announced that it will introduce options trading on its spot Bit ETF this Wednesday. This plan covers GBTC (Grayscale Bit Trust) and BTC (Bit Mini Trust) to further develop Grayscale's Bit ETP (exchange-traded product) ecosystem listed in the US.
Grayscale stated that this move is to leverage the covered call strategy, generating income by buying and selling options contracts on Bit ETPs while holding Bit or GBTC as collateral.
OCC responds quickly to regulatory green light
After the US Options Clearing Corporation (OCC) approved Bit ETF options, Grayscale promptly updated the prospectus of its "Bit Covered Call ETF" on January 11.
Bloomberg ETF analyst James Seyffart emphasized Grayscale's swift action and pointed out on social media: "They quickly filed the updated prospectus, showing the joint strategy of GBTC and BTC, while generating income through options trading."
BlackRock's first-day trading is eye-catching, and the market enthusiasm is high
Grayscale's launch closely follows the unprecedented first-day trading performance of BlackRock iShares Bit Trust (IBIT). According to data, IBIT options had a notional exposure of nearly $1.9 billion on the first day, with a total of 354,000 contracts traded, including 289,000 call options and 65,000 put options.
This data shows investors' optimistic sentiment about the rise in Bit price, with a call-to-put ratio of 4.4:1.
Bloomberg senior ETF analyst Eric Balchunas called this trading volume "unprecedented" and pointed out: "In comparison, ProShares' Bit futures ETF (BITO) only reached $363 million on its first day, and it has been around for four years."
Bit price soars to a new high of 94K
With the active trading of IBIT options driving market activity, Bit price broke through a new high of $94,041 on Tuesday. Seyffart commented: "These options trades can almost certainly be attributed as the main driver behind Bit price reaching a new high."
The consecutive moves by Grayscale and BlackRock indicate that the crypto asset market has entered a new stage, with investor enthusiasm and regulatory relaxation bringing more innovative products to the market. As competition intensifies, it remains to be seen whether Grayscale can stand out in this wave of enthusiasm.
