BlackRock’s iShares Bitcoin Trust ETF (IBIT) has regained Monday and Wednesday short-term options expiries on MIAX after the exchange group adopted a lower-threshold Tier 2 framework. MIAX had removed IBIT from its third-quarter roster, but a listing alert confirmed it would begin listing IBIT under the new rules on Aug. 18, 2026, with expirations on Aug. 19, 24, 26 and 31.
The rule change splits qualifying ETFs into two tiers. Tier 1 retains the previous tests—more than $50 billion in assets under management and more than 10 million monthly options sides—while adding Tuesday and Thursday short-term expiries. Tier 2 lowers those gates to more than $25 billion in AUM and more than 5 million sides, but is limited to Monday and Wednesday expiries. Both tiers still require a position limit of at least 250,000 contracts and participation in the Penny Interval Program. BlackRock’s historical fund data imply about $43.23 billion of IBIT net assets on June 30, below the old $50 billion gate but above the new $25 billion threshold. IBIT’s actual position and exercise limit was raised to 1 million contracts in May 2026. MIAX Pearl filed the change on Aug. 13, 2026; the SEC waived the usual 30-day delay and made it operative upon filing, with a Federal Register comment deadline of Sept. 17, 2026.
The venue-specific change reopens additional short-term expiration dates for traders, but it is not a market-wide change in IBIT options and does not establish how the new expiries will affect trading volume or Bitcoin volatility.
Separately, Hedgeye Asset Management launched the Hedgeye Hedged Bitcoin ETF (HBIT) on Aug. 27, 2026. The fund seeks bitcoin exposure through spot ETPs—primarily IBIT—while layering on a dynamic options hedge that can be repositioned as often as daily. It does not hold bitcoin directly, and it is not a defined-outcome or buffer ETF; there is no stated upside cap. According to its SEC filing, HBIT will invest at least 80% of net assets in investments that provide bitcoin exposure or similar economic characteristics, and will primarily invest in and use options on IBIT. The prospectus lists a 0.70% management fee and NYSE Arca as the principal listing exchange.
Hedgeye’s launch arrives with bitcoin trading near $77,410, down 3.27% over 24 hours and well below the roughly $122,000 October 2025 high referenced by the firm. The Fear and Greed Index stood at 73, or “Greed,” even as spot prices slid. The product is aimed at advisers and cautious allocators seeking managed volatility rather than raw bitcoin beta.
