IBIT wheel: cash-secured put & covered-call yields
iShares Bitcoin Trust ETF · ETFs · $47.21 close on Sep 28, 2026
What the Sep 28, 2026 close says about IBIT
At 34.8% implied volatility, the options market is pricing a one-standard-deviation move of about $4.87 (10.3%) in IBIT by Oct 30, 2026, 32 days out.
Selling the $45 put (−0.31Δ) for $1.06 means assignment would leave a cost basis of $43.94, 6.9% below the $47.21 close.
The 63-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.0× the time — more premium per day on the 32-day contract ($0.033 vs $0.024).
At 0.30Δ on the Oct 30 expiry the put yields 2.36% on its strike and the call 2.35% on spot: puts and calls pay within 10% of each other on IBIT this session.
Moving down to the $43.50 put (−0.21Δ) buys 3.2% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 152,982 contracts; the largest single line is the $50 call expiring Nov 30 with 26,700 (17.5% of the window).
By options volume IBIT ranks #7 of 441 names in our universe.
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 | $45 | −0.31 | $1.06 Sep 28 | $106.00 | $4,500 | 2.36% | 26.9% | $43.94 | 3,754 | 602 |
| 0.20Δ | $43.50 | −0.21 | $0.61 Sep 28 | $61.00 | $4,350 | 1.40% | 16.0% | $42.89 | 1,661 | 11 |
Snapshot #145 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $44 | −0.29 | $1.49 Sep 28 | $149.00 | $4,400 | 3.39% | 19.6% | $42.51 | 1,017 | 1 |
| 0.20Δ | $42 | −0.21 | $1.00 Sep 28 | $100.00 | $4,200 | 2.38% | 13.8% | $41.00 | 1,766 | 7 |
Snapshot #145 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 63
Covered calls on IBIT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $50 | 0.33 | $1.11 Sep 28 | $111.00 | 2.35% | 26.8% | 8.26% | 94.2% | 7,094 | 850 |
| 0.20Δ | $52 | 0.22 | $0.61 Sep 28 | $61.00 | 1.29% | 14.7% | 11.44% | 130.5% | 3,415 | 233 |
Snapshot #145 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $55 | 0.21 | $0.84 Sep 28 | $84.00 | 1.78% | 10.3% | 18.28% | 105.9% | 10,213 | 110 |
Snapshot #145 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 63
IBIT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 152,982 contractssession 2026-09-28
- Largest open-interest line
- $50 call · Nov 30 · 26,700
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #7 of 441 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (1 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.