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5h ago

SEC Clears Nasdaq to List Options Tied to a Bitcoin Price Index

The move creates a benchmark-linked, cash-settled way to express or hedge Bitcoin exposure while trading remains paused pending CFTC coordination.

Sec greenlights nasdaq’s cash settled bitcoin index options, cftc approval is the final hurdle

Overview

  • The SEC approved Nasdaq PHLX to list European-style, cash-settled options on the Nasdaq Bitcoin Index under Release No. 34-105549, with the filing receiving expedited sign-off on May 22, 2026.
  • The options will settle in US dollars using CME Group reference rates: the Nasdaq index tracks the CME CF Bitcoin Real Time Index (BRTI) and settlement will use the BRRNY New York variant.
  • Contracts are exercisable only at expiration and do not require delivery of actual Bitcoin, so holders receive cash for any difference between strike and settlement prices.
  • Trading has not started because the contracts may need exemptive relief or coordination from the Commodity Futures Trading Commission, leaving the product temporarily nontradable.
  • Market participants expect the product to offer a more direct hedging tool than ETF options and a simpler way for retail traders to take directional Bitcoin positions, and the approval currently covers Bitcoin only.