SEC Greenlights Bitcoin Options on Nasdaq Exchange
Published Date: 5/28/2026
Notice
Summary
Nasdaq PHLX is getting the green light to list and trade options based on the Nasdaq Bitcoin Index, letting investors bet on Bitcoin’s price moves in a new way. This change affects traders and investors eager to explore Bitcoin options, with the approval speeding up the launch timeline. Expect fresh opportunities to trade these options soon, potentially shaking up the market and your portfolio!
Analyzed Economic Effects
6 provisions identified: 4 benefits, 2 costs, 0 mixed.
Exchange OK to List Bitcoin Index Options
On May 22, 2026 the SEC granted accelerated approval for Nasdaq PHLX to list and trade options on the Nasdaq Bitcoin Index under the ticker "QBTC." These options will be cash-settled and use a final settlement value based on the BRRNY (the CME CF Bitcoin Reference Rate—New York Variant) divided by 100, with the final settlement observed during 15:00 to 16:00 New York Time on the expiration date.
Hedge Spot Bitcoin ETPs In Same Account
The Exchange says Nasdaq Bitcoin Index Options would allow holders of Spot Bitcoin ETPs to hedge or modify their exposure and to carry the options in the same account under the same margin regime as those ETPs. This is intended to let investors manage Bitcoin exposure within a single regulatory framework.
CFTC Relief Required Before Trading Starts
Nasdaq PHLX will not be permitted to list and trade the Nasdaq Bitcoin Index Options until the Commodity Futures Trading Commission grants exemptive relief that (1) exempts the Exchange from applicable CEA requirements, (2) gives the SEC and CFTC shared jurisdiction, and (3) allows OCC to clear the options. Until the CFTC issues that relief, trading cannot begin.
Position, Exercise Limits and New Margin Rules
Amendment No. 1 provides additional analysis supporting proposed position and exercise limits for Nasdaq Bitcoin Index options and adds a new Section 10 related to margin. The filing explicitly updates the Exchange's position/limit and margin framework for this product.
One-Cent Minimum Trading Increment
Amendment No. 1 states the trading increment for Nasdaq Bitcoin Index options will be $0.01 (one cent) so long as iShares Bitcoin Trust ("IBIT") options participate in the Penny Interval Program. That $0.01 minimum increment is explicitly included in the proposal.
Real-Time Index Published Every 200 ms
The BRTI (CME CF Bitcoin Real Time Index) that underlies the product is calculated and published every 200 milliseconds, according to Amendment No. 1. That real-time publication cadence is part of the proposed framework.
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