📈 Bitcoin ETF options shift sharply toward calls in Q2
A new filing shows a dramatic rotation in options positioning on BlackRock's iShares Bitcoin Trust (IBIT).
An Aug. 13 filing covering positions as of June 30 recorded 1.95 million call underlying-share equivalents — a 24-fold increase — while put positions fell 52.75%. The account's purpose was not disclosed in the filing.
The shift signals a significant change in how at least one large holder is positioning around the Bitcoin ETF through derivatives, though the identity and intent behind the account remain unresolved.
⚖️ Nasdaq proposes streamlined rules for crypto ETF options
Nasdaq has filed a proposal with the U.S. Securities and Exchange Commission aimed at making it easier to list and trade options on cryptocurrency ETFs.
The proposal would allow crypto ETF options to be listed under standardized exchange rules, rather than requiring a separate SEC approval for each new product. This would apply to ETFs tracking leading cryptocurrencies.
If approved, the change could significantly reduce the regulatory friction currently involved in launching crypto ETF options, potentially broadening market access to these instruments.
Tether has completed its first full independent financial audit, with KPMG U.S. issuing an unqualified opinion on the stablecoin issuer's 2025 financial statements — a milestone critics long said would never materialise.
The audit covered Tether International, S.A. de C.V. for the year ended December 31, 2025, and confirmed a reserve surplus of $6.814 billion. An unqualified opinion means auditors found no material misstatements in the accounts.
For years, Tether's reserve transparency has been a persistent point of contention in crypto markets. A clean KPMG audit marks a significant shift from the quarterly attestations the company previously relied on, and raises the bar for reserve verification across the stablecoin sector.
📈 Goldman Sachs Holds $2.25B in Bitcoin Yield ETFs
Goldman Sachs has disclosed a $2.25 billion position in Bitcoin income ETFs, making it one of the largest institutional holders in this segment and placing it well ahead of BlackRock in this specific product category.
The bulk of the position is concentrated in BTCI, a Bitcoin covered-call ETF. The fund carries a 26.73% distribution rate and a 1.62% SEC yield, but also posted a negative 41.66% one-year NAV return — a key risk factor for investors evaluating income-focused Bitcoin products.
The move signals growing Wall Street appetite for Bitcoin yield strategies, even as the trade-off between high distributions and capital erosion remains a central concern with this fund structure.
⚖️ Erebor hits $9.5B valuation six months after opening
Erebor, a nationally chartered U.S. bank co-founded by Palmer Luckey and Joe Lonsdale, has reached a $9.5 billion valuation just months after opening its doors in February 2025.
The bank already holds $4.6 billion in deposits and generates $100 million in annualized revenue — metrics that put it ahead of most publicly traded U.S. banks at a comparable stage. Erebor has been widely positioned as a successor to Silvergate, which collapsed in 2023 and left a significant gap in crypto-friendly banking infrastructure.
The speed of Erebor's growth signals renewed institutional appetite for regulated banking rails that serve crypto businesses — a segment that has struggled to find reliable partners since the 2023 banking crisis.
Goldman Sachs has agreed to acquire NEOS Investments for up to $2.25 billion, adding approximately $30 billion in assets and 19 options-based income ETFs to its asset management arm. The deal is expected to close in Q1 2027.
The acquisition brings Goldman direct exposure to crypto income products, including the Bitcoin High Income ETF, Boosted Bitcoin High Income ETF, and Ethereum High Income ETF. Combined with its existing holdings, Goldman's derivative ETF platform would reach $130 billion in total assets.
One analyst noted the move puts Goldman in direct competition with BlackRock's BITA fund. The deal marks a significant step by a major Wall Street institution into crypto-linked ETF products.