IBIT wheel: cash-secured put & covered-call yields
iShares Bitcoin Trust ETF · ETFs · $40.36 close on Nov 12, 2026
What the Nov 12, 2026 close says about IBIT
At 39.4% implied volatility, the options market is pricing a one-standard-deviation move of about $5.00 (12.4%) in IBIT by Dec 18, 2026, 36 days out.
Selling the $38 put (−0.28Δ) for $0.99 means assignment would leave a cost basis of $37.01, 8.3% below the $40.36 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.028 vs $0.024).
At 0.30Δ on the Dec 18 expiry the put yields 2.61% on its strike and the call 1.88% on spot: puts pay 1.4× what calls do on IBIT this session.
Moving down to the $37 put (−0.22Δ) buys 2.5% more room below spot and keeps 77% of the 0.30Δ premium.
Open interest in the stored window totals 567,333 contracts; the largest single line is the $50 call expiring Jan 15 with 101,052 (17.8% of the window).
By options volume IBIT ranks #17 of 679 names in our universe.
Near-the-money options volume (45k) is 755% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on IBIT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $38 | −0.28 | $0.99 Nov 12 | $99.00 | $3,800 | 2.61% | 26.4% | $37.01 | 14,932 | 2,408 |
| 0.20Δ | $37 | −0.22 | $0.76 Nov 12 | $76.00 | $3,700 | 2.05% | 20.8% | $36.24 | 12,406 | 488 |
Snapshot #9397 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $38 | −0.31 | $1.52 Nov 12 | $152.00 | $3,800 | 4.00% | 22.8% | $36.48 | 14,720 | 4,596 |
| 0.20Δ | $36 | −0.22 | $0.98 Nov 12 | $98.00 | $3,600 | 2.72% | 15.5% | $35.02 | 7,336 | 259 |
Snapshot #9397 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on IBIT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $44 | 0.27 | $0.76 Nov 12 | $76.00 | 1.88% | 19.1% | 10.90% | 110.5% | 18,525 | 2,036 |
| 0.20Δ | $45 | 0.21 | $0.54 Nov 12 | $54.00 | 1.34% | 13.6% | 12.83% | 130.1% | 22,475 | 5,711 |
Snapshot #9397 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | 0.29 | $1.10 Nov 12 | $110.00 | 2.73% | 15.5% | 14.22% | 81.1% | 22,973 | 3,345 |
| 0.20Δ | $47 | 0.21 | $0.70 Nov 12 | $70.00 | 1.73% | 9.9% | 18.19% | 103.7% | 11,502 | 487 |
Snapshot #9397 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
IBIT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 39.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 567,333 contractssession 2026-11-12
- Largest open-interest line
- $50 call · Jan 15 · 101,052
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #17 of 679 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (34 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.