The U.S. Securities and Exchange Commission (SEC) is reviewing applications from BOX Exchange and Nasdaq ISE to approve FLEX equity options on BlackRock’s iShares Bitcoin Trust ETF (IBIT). Submitted on December 2, 2025, these proposals aim to enhance market liquidity and risk management for institutional investors. BOX Exchange seeks to list FLEX options and obtain waivers to boost competition, while Nasdaq ISE plans to expand existing options limits on IBIT. Approval of these options could lead to greater adoption of regulated Bitcoin products and influence the Bitcoin futures market. BlackRock CEO Larry Fink highlighted increasing institutional interest in IBIT, noting a 14% rise in holdings within the Strategic Income Opportunities Portfolio. The market has responded with an 8% increase in Bitcoin's price and heightened open interest in derivatives.