Options on Bitcoin ETFs: tax guide for Spanish investors

In November 2024, the SEC approved options on BlackRock's iShares Spot Bitcoin ETF (IBIT). This opened access to derivative instruments on Bitcoin for institutional and retail investors in the United States. Spaniards can access through brokers with access to NYSE/Nasdaq.

What are IBIT options?

Options are contracts that give the right (not the obligation) to buy (call) or sell (put) 100 shares of the IBIT ETF at a certain price (strike) before an expiration date.

Key terminology:

• Call: right to buy.
• Put: right to sell.
• Premium: price you pay to acquire the option.
• Strike price: price at which you exercise the option.
• Expiration date: expiration date.

Why are they relevant for Spanish crypto-investors?

1. Hedging positions in BTC: If you have direct BTC, you can buy puts on IBIT to hedge.
2. Leveraged exposure without futures: IBIT calls give BTC upside exposure with limited premium risk.
3. Income generation: selling covered calls on your IBIT position generates income.

Taxation of IBIT options in Spain

Spain treats financial options as derivatives and has specific rules in the LIRPF:

Purchase of an option (premium paid):

• The premium paid is not immediately deductible.
• It is part of the cost of acquiring the right.

Expiration of unexercised option (total loss of premium):

• Property loss: equal to the premium paid.
• It is integrated into the savings base → compensable with other earnings.

Option exercise:

• Call exercised: you buy 100 IBIT at the strike price. The cost of acquiring these shares = strike price + premium paid.
• Put exercised: you sell 100 IBIT at the strike price. The transfer amount = strike price − premium collected (if you sold the put).

Selling the option in the secondary market (before expiration):

• Difference between option sale price and purchase price (premium).
• Capital gain/loss based on savings.

Common strategies and their taxation

1. Covered Call

• You have 100 IBIT and sell a call at strike $60.
• You receive bonus: $3 per share = $300 income.
• Premium collected: capital gain when the option expires without being exercised.
• If the option is exercised: you sell IBIT at $60. Your profit: difference between $60+premium and IBIT acquisition cost.

2. Long Call

• You buy a call expecting BTC to go up.
• If BTC rises a lot → sell the call at a profit (or exercise and buy cheap IBIT).
• If BTC doesn't go up → the premium expires and you have a loss.

3. Necklace

• Purchase puts to cover the fall (premium cost).
• You sell calls to finance the puts (premium income).
• This type of structures generates multiple taxable events in the year.

Conversion from dollars to euros

As IBIT options are quoted in USD, the EUR/USD exchange rate must be applied:

• Premium paid in USD → convert to EUR at the exchange rate on the day of the operation.
• Profit/loss in USD → convert to EUR at the exchange rate on the day of the event.

Exchange rate variations are part of the gain/loss (the exchange gain is not separated for derivatives unlike subscription rights in shares).

Two month rule in crypto options?

The Spanish anti-wash sale rule prohibits deducting losses if you buy back the same asset in the previous or subsequent 2 months (for listed assets).

• IBIT is an ETF admitted to trading → the 2-month rule applies.
• If you sell IBIT at a loss and within that period you exercise an IBIT call → possible application of the rule.

Tax information in American brokers

Brokers like Interactive Brokers issue Form 1099-B for American clients. Spaniards do not receive an official Form 1099, but they do have access to account statements and transaction history to use on their Spanish return.

IBIT options tax summary

Updated: April 2026 | Fiscal year: 2025