Bitcoin Recovery Alternatives Without Buying IBIT
Bitcoin has recovered about 37% since mid-August, but remains below its starting price in 2026. The iShares Bitcoin Trust ETF (IBIT) took in around USD 3.76 billion from August 15 to September 22. However, a legislative picture that is less settled may have left some investors wary of committing to IBIT.
An investor who thinks the recovery has further to run but doesn't own IBIT and wants to avoid committing full capital can consider two defined-risk structures: the bull call spread and the cash-secured put. The bull call spread pays for a move well above the current price, capping gains to cut costs.
The example structure for the bull call spread is buying 1 IBIT December 18, 2026, 50-call at approximately USD 3.10 and selling 1 IBIT December 18, 2026, 55-call at approximately USD 1.64. This nets a debit of around USD 146 per contract or about USD 153 paying the offer and hitting the bid, plus USD 0.58 in trade fees. The maximum loss is approximately USD 146 if IBIT is at or below 50 on December 18, 2026.
On the other hand, a cash-secured put allows an investor to collect a premium while agreeing to buy 100 shares at the strike if IBIT falls there by expiry. The example structure for this is selling 1 IBIT November 20, 2026, 44-put at approximately USD 1.32, receiving around USD 132 per contract. However, this leaves the seller exposed to losses of up to USD 4,268 per contract if IBIT falls to zero.