The US Securities and Exchange Commission (SEC) is reviewing an application to approve the launch of FLEX stock options on the BlackRock Bitcoin ETF (IBIT). According to a filing submitted on December 2, the BOX Exchange has requested a rule change to allow trading of FLEX IBIT options and is seeking an SEC waiver for the 30-day implementation delay in order to protect investor interests and ensure fair competition among exchanges. Nasdaq PHLX and Nasdaq ISE have also submitted similar proposals, with Nasdaq ISE becoming the first exchange approved to list options on IBIT. The introduction of FLEX IBIT options aims to help market participants manage the volatility risk of the BlackRock Bitcoin ETF more effectively, while also increasing liquidity and reducing counterparty credit risk. In addition, BlackRock is awaiting approval for the iShares Bitcoin Yield Plus ETF (ETHA), which will provide investors with yield-focused Bitcoin strategies. Unlike IBIT, which only tracks the spot price of Bitcoin, this ETF will offer more stable returns for yield-oriented investors. The SEC is expected to decide on the listing of options and ETFs for IBIT and ETHA in the first quarter of 2026.