New Filing Seeks FLEX Options on BlackRock’s IBIT as Exchanges Compete for Market Share

BOX Exchange seeks SEC approval for FLEX options on IBIT as exchanges compete for Bitcoin ETF tools.

FLEX options are positioned as volatility-management tools that could improve IBIT liquidity.

Rising Bitcoin activity and new ETF filings signal expanding demand for products tied to IBIT.

A new filing shows BOX Exchange moving to expand trading tools around the BlackRock iShares Bitcoin ETF. The exchange seeks approval to list FLEX equity options on IBIT, and the request comes as exchanges race to offer more products tied to the world’s largest spot Bitcoin ETF. The proposal now awaits SEC action.

Filing Aims to Expand Trading Access Around IBIT

BOX Exchange has submitted a request to the US SEC to permit FLEX equity options on the BlackRock iShares Bitcoin ETF. The filing is dated December 2 and was submitted after the extended government shutdown ended. The exchange seeks to amend BOX Rule 5055 so it can introduce FLEX equity options for market participants.

The submission follows similar proposals from Nasdaq PHLX and Nasdaq ISE. Nasdaq ISE became the first exchange approved to list options on the BlackRock ETF. BOX says FLEX options on IBIT would help users manage the volatility linked to spot Bitcoin exposure.

The exchange also states that more trading tools could support better liquidity. Furthermore, BOX asked the SEC to waive the standard 30-day delay and said the waiver supports investor protection and fair competition among exchanges that plan to offer IBIT-related products.

More ETF Activity as Bitcoin Shows Strong Market Movements

The filing arrives as BlackRock awaits SEC approval for its iShares Bitcoin Premium Income ETF. Nasdaq submitted the request before the shutdown. The proposed fund aims to generate yield through Bitcoin-linked strategies, including the use of FLEX options. This model differs from IBIT, which tracks the spot Bitcoin market without yield features.

The SEC is expected to review income-focused ETF proposals before updated listing standards come into effect in early 2026. These decisions will shape how new Bitcoin-based products operate across major US exchanges.

At the same time, Bitcoin recorded a strong move. BTC gained nearly 8% in 24 hours and traded near $93,243. Trading volume grew by about 10% during the same period. Coinglass data shows that futures open interest rose 1.81% to $59.56 billion, and CME and Binance also saw steady increases across shorter windows. These trends show rising activity as exchanges and issuers expand the range of tools linked to IBIT.

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