Nasdaq Seeks Approval to Trade Bitcoin Index Options on Exchange
Published Date: 5/30/2025
Notice
Summary
The SEC is deciding whether to let Nasdaq PHLX list and trade options based on the Nasdaq Bitcoin Index. This affects investors interested in bitcoin-related trading and could bring new ways to invest using cash-settled bitcoin options. The SEC is reviewing the proposal now and will decide soon, which could impact how and when these options become available.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Proposal to List Cash‑Settled Bitcoin Options
Nasdaq PHLX proposed to list and trade cash-settled, European-style options on the Nasdaq Bitcoin Index that reflect the price of spot bitcoin. The Exchange says these options would be used for hedging, asset valuation, and risk-shifting by investors, speculators, and multinational corporations.
Hedge Spot‑Bitcoin ETPs Under Same Margin Rules
The Exchange states that holders of spot bitcoin-based exchange traded products (ETPs) could carry the proposed Index options in the same account and subject to the same margin regime as the asset used for their long bitcoin exposure. That would let ETP holders hedge or modify exposure within a single regulatory account structure.
Regulatory Classification and Jurisdiction Uncertainty
The Commission is seeking comment on whether bitcoin is a foreign currency (the Exchange cites El Salvador’s 2021 law) and on whether the proposed Index options are foreign currency options (securities) or instead commodity options under Commodity Exchange Act jurisdiction. That classification could affect which regulator has exclusive jurisdiction and whether the options can be listed on a national securities exchange.
Payout Structure Uses BBRNY and $100 Multiplier
The proposed Index options would be cash-settled at expiration: holders would receive U.S. dollars equal to the difference between the CME CF Bitcoin Reference Rate—New York Variant (BBRNY) and the option strike price, multiplied by $100. The Exchange describes BBRNY as a once-a-day benchmark aggregating trade data from multiple bitcoin‑USD markets.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12260 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules Related to Market Makers
The Long-Term Stock Exchange (LTSE) wants to update its rules for Market Makers—those who help keep trading smooth and steady. They’re adding clear definitions, setting up a new registration system, and creating fresh responsibilities for Market Makers and their traders. These changes aim to make trading fairer and more organized, with no big cost changes expected, and they’re open for public comments now.
Previous / Next Documents
Previous: 2025-09761 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.26(a)
Cboe BYX Exchange is updating its rules to reflect that NYSE Chicago has changed its name to NYSE Texas. This change affects how the Exchange shares info about where it gets data for handling and routing orders. The update is effective immediately and doesn’t impact any fees or costs.
Next: 2025-09763 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 11.13(b) and 11.26(a)
Cboe BZX Exchange is updating its rules to reflect that NYSE Chicago is now called NYSE Texas and is cleaning up the list of primary listing markets in its order handling rules. These changes affect traders and market participants by keeping rule language accurate and clear, with no new fees or delays. The updates took effect immediately on May 15, 2025, so everyone’s on the same page right away!