Bitcoin · SEC · CME Group · CoinDesk
Cash-settled means the options are settled in U.S. dollars
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For the average market participant, the new product, still pending approval from the Commodity Futures Trading Commission (CFTC), removes operational friction.
Key facts
- Each Nasdaq QBTC option contract delivers exposure equivalent to exactly 1 BTC, using a 1/100th index scaling factor with a standard $100 multiplier
- By contrast, CME's bitcoin options, which have been available since 2020, are also cash-settled but track Bitcoin futures rather than the spot index
- Last week, the U.S. Securities and Exchange Commission granted Nasdaq PHLX conditional approval to list European-style options under the ticker QBTC
- Nasdaq has moved closer to offering cash-settled bitcoin BTC $ 77,320.88 index options, a move set to democratize crypto risk management and eliminate legacy operational barriers
Summary
The SEC has conditionally approved Nasdaq PHLX to list cash-settled, European-style Bitcoin index options under the ticker QBTC, which still await CFTC approval. QBTC options will be settled in U.S. dollars, track the CME CF Bitcoin Real Time Index, and trade on the same Nasdaq platform as major stocks, allowing investors to use existing brokerage accounts without separate derivatives setups. Each QBTC contract represents exposure to 1 bitcoin, far smaller than CME’s 5-bitcoin contracts, aiming to make hedging and volatility trading more accessible to smaller institutions and retail investors. Nasdaq has moved closer to offering cash-settled bitcoin BTC $ 77,320.88 index options, a move set to democratize crypto risk management and eliminate legacy operational barriers. Last week, the U.S. Securities and Exchange Commission granted Nasdaq PHLX conditional approval to list European-style options under the ticker QBTC.