CryptoSlate
MIAX, the U.S. options exchange group, restored Monday and Wednesday short-term expirations for options on BlackRock's iShares Bitcoin Trust ETF (IBIT) under a new, lower-threshold Tier 2 framework. The listing alert confirms IBIT expirations for August 19, 24, 26 and 31, beginning Aug. 18, 2026. BlackRock's fund data puts IBIT net assets at roughly $43.23 billion on June 30, a level that fell below the old $50 billion gate but sits comfortably above the new $25 billion Tier 2 floor.
Why it matters
The change is structural, not cosmetic. MIAX's old Tier 1 framework required more than $50 billion in AUM and more than 10 million monthly options sides for weekly expirations, alongside the addition of Tuesday and Thursday slots. The new Tier 2 cuts those gates in half, $25 billion and 5 million sides, but limits eligible ETFs to Monday and Wednesday expirations only. IBIT's actual position and exercise limit was already raised to 1 million contracts in May 2026, so the fund has the clearing capacity to absorb heavier weekly expiry flow the moment the new contracts list. MIAX Pearl filed the change on Aug. 13, 2026, and the SEC waived the standard 30-day delay to make it operative upon filing.
Market impact
The venue-specific change is incremental for IBIT, which never lost its Tier 1 listing on other U.S. options exchanges, but the rule itself widens the pool of Bitcoin ETFs eligible for weekly options as AUM scales past $25 billion. Bitcoin ETF options activity has already skewed sharply bullish: calls surged 24-fold while puts dropped 52.75%, with 1.95 million IBIT underlying shares in play. MIAX's pivot is a tacit acknowledgement that the regulated options market now treats spot Bitcoin ETF flow as a structural asset class, not a one-off novelty. The next data point traders will watch is whether the new Monday and Wednesday contracts pull material share from existing Friday expirations on rival venues.
Frequently asked questions
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Why did MIAX drop IBIT from its Q3 weekly options roster?
MIAX did not publicly identify which old test caused the removal, but IBIT's roughly $43.23 billion in net assets on June 30 fell below the former $50 billion Tier 1 AUM gate.
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What are the new Tier 2 eligibility thresholds for weekly options expiries?
Under MIAX Pearl's revised rule, Tier 2 ETFs need more than $25 billion in AUM and more than 5 million monthly options sides, and qualify only for Monday and Wednesday expirations.
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What changed for IBIT's position limit ahead of the new expiries?
IBIT's position and exercise limit was raised to 1 million contracts in May 2026, giving the fund enough clearing capacity to absorb heavier weekly options flow when the new contracts begin trading.
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When do the restored IBIT expirations start trading on MIAX?
The MIAX listing alert confirms IBIT expirations for August 19, 24, 26 and 31, with listing and trading commencing on August 18, 2026.
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What does the rule change signal about Bitcoin ETF options demand?
Bitcoin ETF call options surged 24-fold while puts dropped 52.75%, reaching 1.95 million IBIT underlying shares in play, evidence that MIAX now treats spot Bitcoin ETF flow as a structural asset class.
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