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SEC Clears Nasdaq to List Options on Bitcoin Price Index

The U.S. Securities and Exchange Commission has approved Nasdaq's plan to list and trade options tied directly to a Bitcoin price index—not a Bitcoin ETF and not Bitcoin futures. The product will trade on Nasdaq PHLX as European-style, cash-settled index options on the Nasdaq Bitcoin Index under the ticker QBTC, according to SEC Release No. 34105549. The Nasdaq Bitcoin Index references the CME CF Bitcoin Real Time Index (BRTI), which aggregates real-time Bitcoin pricing from major spot venues. Final settlement is based on the CME CF Cryptocurrency Reference Rate, New York Variant (BRRNY). Some coverage has also cited XBTX in connection with the product. European-style means contracts can only be exercised at expiration. Cash settlement means no Bitcoin changes hands; profits and losses are paid in U.S. dollars based on the difference between the strike price and the settlement value. The minimum trading increment is $0.01. The SEC has already permitted crypto-linked options in other formats. In September 2024, it approved options on spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust (IBIT). ETF options track a fund's share price, which can diverge from Bitcoin due to premiums and discounts, flows, and fees. Index options aim to remove that layer by referencing a benchmark-based Bitcoin price. Nasdaq first pursued Bitcoin index options in August 2024, following the wave of spot Bitcoin ETF launches that began in January 2024. A formal proposal was filed with the SEC in September 2025, followed by public comment and extensions before the SEC granted accelerated approval on May 22, 2026. Trading is not yet live. The SEC order notes that additional regulatory steps remain outstanding, which may include obtaining relief or exemptions involving the Commodity Futures Trading Commission. The initiative currently covers only Bitcoin; there are no Ethereum index options or basket products included. For institutional investors already using spot Bitcoin ETFs, index options could offer a cleaner hedge by targeting the underlying price rather than ETF-specific tracking dynamics. Portfolio managers running multi-asset strategies may also find it easier to express Bitcoin views through instruments that fit within existing equities-market infrastructure. Retail traders could see QBTC options as a more straightforward way to take directional exposure without buying ETF shares or navigating crypto futures venues, while cash settlement removes delivery-related risk. The key risk is regulatory fragmentation. If CFTC-related approvals or exemptions take longer than expected, or if jurisdictional uncertainty emerges, the product's launch could be delayed. SEC approval clears a major hurdle, but it does not, on its own, guarantee trading will begin.
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