Nasdaq PHLX Wins Conditional SEC Clearance to List QBTC Bitcoin Options

Nasdaq PHLX has received conditional approval from the U.S. Securities and Exchange Commission (SEC) to list QBTC, a cash-settled, European-style Bitcoin index options product, subject to approval by the Commodity Futures Trading Commission (CFTC). The contracts track the CME CF Bitcoin Real-Time Index and settle in U.S. dollars. Each option contract is sized at one Bitcoin, compared with CME's five-Bitcoin contracts, a structure intended to make hedging and volatility strategies more accessible to smaller institutions and retail investors.