Former Ohio Treasurer Loses Big on Bitcoin Options Market, What Happened?

Jakarta, Pintu News – Josh Mandel, known as an early proponent of Bitcoin (BTC) in American politics, recently suffered a huge loss. As the former Ohio State Treasurer, Mandel has lost more than $1.2 million in options trades tied to BlackRock’s iShares Bitcoin Trust (IBIT). This experience highlights the risks involved in the fledgling Bitcoin (BTC) options market.

A Pioneer’s Great Loss

Josh Mandel, who once introduced the possibility of paying taxes with Bitcoin (BTC) in Ohio, has suffered a significant financial loss. In an announcement on X (formerly Twitter), Mandel revealed that he had invested his entire capital in IBIT call options.

Unfortunately, the investment did not bear fruit, and the options ended up worthless. This loss was not only surprising because of the large amount, but also because Mandel was known as one of the early proponents of cryptocurrency in the political sphere. This incident shows that even experts and pioneers in the crypto field can miscalculate and face unexpected risks.

Also Read: Market Crash? Here are 5 Cryptos Predicted to Explode Due to Whale Activity in Futures Market

Bitcoin ETF Options Market: A New Phenomenon

Since the launch of Bitcoin (BTC) ETF options in late 2024, there has been a surge in interest in this financial product. According to research from Kaiko, trading volumes for Bitcoin (BTC) ETF options have increased sharply, with many traders taking bullish positions. This phenomenon indicates a great deal of confidence in the potential future price rise of Bitcoin (BTC).

However, as Mandel experienced, this market also holds high risks. A call option that is not exercised before the expiry date will lose its entire investment value. This is an important lesson for investors who may be tempted by the potential for huge profits without considering the risks involved.

Lessons from Loss

Josh Mandel’s case provides some important lessons for investors in the crypto market. First, the importance of investment diversification. Investing all your capital in one type of asset or financial product is very risky. Second, the importance of understanding investment products, especially those related to derivative instruments such as options, which can be very complex and speculative.

In addition, this experience also emphasizes the importance of timing in investing. In a highly volatile market like crypto, timing can greatly affect investment returns. Mandel, despite his experience, failed to predict the right market movements, resulting in heavy losses.

Be Careful in the Crypto World

Josh Mandel’s story is a stark warning to anyone involved in crypto investing, especially in derivative products like options. While the potential gains can be very high, the risk of loss is just as great. Investors should do in-depth research, understand the products they are investing in, and never invest more than they can afford to lose.

Also Read: 3 Memecoins that Whale is Starting to Look at in the Futures Market as of November 2025

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• BeInCrypto. Josh Mandel Bitcoin ETF Loss. Accessed on November 10, 2025