Maximizing Returns With IBIT Long-Dated Options: A June 2028 Strategy Breakdown

The options market for iShares Bitcoin Trust ETF (IBIT) just expanded with fresh June 2028 contracts, creating fresh opportunities for income-focused investors. Understanding how calls and puts work is essential to leveraging these positions effectively. With nearly 940 days until expiration, these extended-duration contracts allow premium sellers to capture significantly higher time value compared to shorter-dated alternatives—a key advantage worth exploring.

The Put Strategy: Building a Lower Entry Point

For investors looking to acquire IBIT shares at a discount, the put option at the $45.00 strike presents an interesting framework. Currently bidding at $12.55, selling this put contract means committing to purchase shares at $45.00 while immediately collecting the premium. This effectively reduces your actual purchase price to $32.45 per share—a meaningful discount versus today’s $47.66 trading level.

The mathematics are compelling when you understand how puts work in this context. Since the $45.00 strike sits roughly 6% below current market price, there’s a solid 74% probability the contract expires worthless. If that occurs, you pocket the full premium as profit—translating to a 27.89% return on capital committed, or approximately 10.85% annualized (the YieldBoost metric).

This approach appeals most to investors already planning to build a IBIT position. Rather than buying at today’s price, you’re getting paid to wait for a better entry point—and you might avoid the purchase entirely if the market stays strong.

The Covered Call Strategy: Capping Gains to Generate Income

On the other side of the options chain, the $65.00 call strike offers a different income approach. Buying IBIT at current prices and simultaneously selling this call contract creates what’s known as a covered call position.

Understanding how calls work here is straightforward: you’re agreeing to sell your shares at $65.00 on or before June 2028. The call premium of $13.55 combines with potential price appreciation to deliver a total return of 64.81% if assignment occurs—an attractive outcome over roughly 2.5 years.

The trade-off? The $65.00 strike sits 36% above today’s price, meaning substantial upside gets capped if IBIT truly rallies. However, there’s a 41% chance the call expires worthless, leaving you holding both shares and the premium collected. That scenario alone generates a 28.43% boost to your return, or 11.06% annually.

Volatility Context: Why These Premiums Matter

The put contract reflects 59% implied volatility while the call shows 56%. Compare this against IBIT’s actual trailing twelve-month volatility of 43%, and you see the market is pricing in elevated uncertainty—which directly inflates the premiums available to option sellers. This dislocation between realized and implied volatility is precisely why longer-dated contracts reward those willing to take on the commitment.

The Bottom Line

Both strategies showcase how calls and puts work as tools for either reducing entry costs (puts) or generating income against existing positions (calls). The 938-day timeframe magnifies the time value benefit, making these June 2028 contracts particularly attractive for investors with a multi-year horizon rather than those seeking quick profits.