SEC · Bitcoin · CME Group · Cointelegraph
SEC approves Nasdaq to list Bitcoin index options on the exchange
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The cash-settled, European-style contracts will trade under the ticker QBTC on Phlx, but still require CFTC approval before trading can begin.
Key facts
- The contracts will trade under the ticker QBTC on Phlx, with a minimum increment of $0.01 and a position limit of 24,000 contracts per side, equivalent to roughly 0.12% of Bitcoin’s outstanding
- The options are European-style contracts tied to the Nasdaq Bitcoin Index, a benchmark that tracks one one-hundredth of the CME CF Bitcoin Real Time Index, which updates with data from major
- The Securities and Exchange Commission has approved Nasdaq’s proposal to list cash-settled Bitcoin index options on the Philadelphia Stock Exchange
- CME Group, which has offered Bitcoin futures options since 2020, filed a comment letter in October last year arguing the contracts fall under CFTC’s exclusive jurisdiction
Summary
The Securities and Exchange Commission has approved Nasdaq’s proposal to list cash-settled Bitcoin index options on the Philadelphia Stock Exchange. The options are European-style contracts tied to the Nasdaq Bitcoin Index, a benchmark that tracks one one-hundredth of the CME CF Bitcoin Real Time Index, which updates with data from major cryptocurrency exchanges every 200 milliseconds. The new contracts are cash-settled, meaning holders receive the difference between the Bitcoin spot price and the strike price at expiration. The contracts will trade under the ticker QBTC on Phlx, with a minimum increment of $0.01 and a position limit of 24,000 contracts per side, equivalent to roughly 0.12% of Bitcoin’s outstanding supply, the SEC noted in its order.