BlackRock Inc.’s iShares Bitcoin Trust (IBIT) has surpassed Coinbase Global Inc.’s Deribit platform to become the world’s largest venue for Bitcoin options.
Open interest in options tied to the Nasdaq-listed IBIT reached nearly $38 billion following Friday’s contract expiry, compared with $32 billion on Deribit, per Bloomberg.
Founded in 2016, Deribit had long been the dominant hub for Bitcoin derivatives. In contrast, IBIT only launched options trading in November 2024, making its rapid ascent all the more striking.
In June of this year, IBIT set a new benchmark in the ETF world, surpassing $70 billion in assets under management (AUM) in just 341 trading days — the fastest any ETF has reached that level.
By comparison, SPDR Gold Shares (GLD) took 1,691 days to hit the same milestone, while other major ETFs like VOO, IEFA, and IEMG took between 1,700 and 2,000 days.
Later in July, IBIT hit $80 billion AUM in just 374 days — nearly five times faster than Vanguard’s S&P 500 ETF, which took 1,814 days.
The ETF’s rapid growth coincided with the Bitcoin rally at the time.
U.S.-based regulation
This shift reflects a broader structural transformation in crypto markets. While offshore derivatives platforms historically thrived on leverage and high-risk trading, the center of gravity is moving toward regulated, U.S.-based venues.
IBIT, currently the world’s largest Bitcoin ETF with $84 billion in assets, is benefiting from a virtuous cycle: increased options liquidity enhances credibility, attracting more capital and further deepening the market.
Despite the shift, Deribit — acquired by Coinbase for approximately $2.9 billion in August — retains its strong following among crypto-native traders.
The platform’s continued popularity highlights that while Wall Street is gaining influence, offshore and decentralized venues remain vital for speculative and experimental trading.