2.58% annualized CME-minus-IBIT carry in a May 2026 IBIT-options sample shows how much margin fragmentation still leaks into regulated BTC markets. BlackRock can turn that plumbing into an RIA-friendly income sleeve: sell vol or harvest basis, keep BTC beta, and make the distribution feel familiar to yield buyers. The cost is capped convexity; great in sideways chop, painful when BTC rips through the overwrite.

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