Nasdaq PHLX Greenlights Bitcoin Bets Via Index Options
Published Date: 9/29/2025
Notice
Summary
Nasdaq PHLX wants to start trading options based on the Nasdaq Bitcoin Index, letting everyday and big investors bet on Bitcoin’s price without buying the actual coin. This new product, called XBTX, could launch soon after the SEC reviews it, opening fresh ways to invest and possibly make money from Bitcoin’s ups and downs. Keep an eye out—this could shake up how people trade crypto-related stuff on the stock market!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Trade Bitcoin Options Without Owning Bitcoin
Nasdaq PHLX proposes a new index option with ticker XBTX that would let you trade Bitcoin price exposure without buying Bitcoin. XBTX would be cash-settled, European-style, and based on the CME CF Bitcoin Real Time Index (BRTI) divided by 100, with final settlement using the BRRNY--NOS (BRRNY divided by 100).
Helps Spot Bitcoin ETP Holders Hedge Exposure
The proposed Nasdaq Bitcoin Index Options would allow holders of Spot Bitcoin exchange-traded products (ETPs) to hedge or change their Bitcoin exposure on a national securities exchange. The Exchange says investors could carry the options in the same account and subject to the same margin regime as the Spot Bitcoin ETP shares.
Final Settlement Uses BRRNY--NOS U.S. Close Method
The options' final settlement value would use the BRRNY--NOS, which is the BRRNY calculated from transactions between 15:00 and 16:00 New York Time on the expiration date, partitioned into twelve 5-minute intervals and averaged, then divided by 100. The Exchange says this creates a replicable, manipulation-resistant benchmark aligned with the U.S. market close.
Listing Depends on CFTC and OCC Approvals
Phlx acknowledges it cannot list or trade XBTX until the CFTC grants exemptive relief under Section 4(c)(1) of the Commodity Exchange Act and until the Options Clearing Corporation receives relief and updates the Options Disclosure Document. That means the product will not be available to trade until those regulatory approvals occur.
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