To The Moon

The U.S. Securities and Exchange Commission has approved listing and trading of options for asset manager BlackRock's spot bitcoin exchange-traded fund on the Nasdaq.

Options trading for BlackRock's fund iShares Bitcoin Trust has been approved with ticker symbol "IBIT", the regulator said in a notice on Friday.

The index options - listed derivatives offering a quick and inexpensive way to amplify exposure to bitcoin - on a bitcoin index would give institutional investors and traders an alternative way to hedge their exposure to the world's largest cryptocurrency.

In a recent paper outlining BTC’s investment case, BlackRock’s ETF Chief Investment Officer and head of crypto Robert Mitchnik called Bitcoin a unique diversifier. 

The $10 trillion asset management firm sees a growing institutional demand for Bitcoin, primarily driven by growing fears of a potential collapse of the US Dollar. Indeed, BlackRock’s IBIT spot Bitcoin ETF now has an asset under management of over $20 billion, signalling strong institutional confidence.

BlackRock’s bullish thesis gives credence to the experts who claim that the BTC price will hit triple-digits in the coming months. 

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