SEC Weighs Approval for Nasdaq's Bitcoin Index Options Trading
Published Date: 12/31/2025
Notice
Summary
The SEC is deciding whether to let Nasdaq PHLX list and trade options based on the Nasdaq Bitcoin Index, which tracks Bitcoin’s price. This could affect investors who want new ways to trade Bitcoin-related products, with a decision expected by December 28, 2025. If approved, it might open fresh opportunities in the crypto options market, potentially impacting trading strategies and money flow.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
SEC decision deadline set
The SEC has instituted proceedings to decide whether to approve or disapprove Nasdaq PHLX's proposal to list Nasdaq Bitcoin Index options. The Commission designated December 28, 2025 as the date by which it must approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change.
Proposed cash‑settled European options
The Exchange proposes listing options on the Nasdaq Bitcoin Index that would be cash-settled and European-style. The options would be based on the CME CF Bitcoin Real Time Index (BRTI) divided by 100, with final settlement using the CME CF Cryptocurrency Reference Rate--New York Variant (BRRNY) divided by 100, and holders would receive U.S. dollars equal to the difference between the BRRNY and the option's exercise price.
Same trading rules and surveillance
Nasdaq PHLX states that Nasdaq Bitcoin Index options would be listed and traded under the same terms that apply to other index options, and that the Exchange's sales practice and trading rules (including account opening, suitability, discretionary accounts, supervision, confirmations, and delivery of the options disclosure document) and its surveillance procedures will apply to these options.
Public comment and rebuttal deadlines
The Commission invites written comments on the proposal; initial comments must be submitted by January 21, 2026, and rebuttal comments must be submitted by February 4, 2026. Comments should refer to file number SR-PHLX-2025-50 and may be submitted electronically or by paper as specified in the notice.
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