Options on BlackRock’s iShares Bitcoin Trust have climbed into the top ranks of U.S. listed derivatives. Their open interest recently hit levels that place them among the busiest contracts in the entire equity and ETF options universe. And the growth shows no sign of slowing. Less than two years after spot Bitcoin ETFs first began trading, the addition of options has changed how money managers approach digital assets. What started as a niche product for crypto specialists now draws flows from traditional hedge funds, registered investment advisers and even some pension capital. The numbers tell the story. In late 2025, IBIT options alone carried more than 7.7 million contracts in open interest, securing the ninth spot across all U.S. options and second among individual stocks, according to CoinDesk . That tally surpassed open interest in the SPDR Gold Shares ETF. It also eclipsed many well-known technology names. The shift speaks volumes.…