The cash-settled, European-style contracts will trade under the ticker QBTC on Phlx, but still require CFTC approval before trading can begin.
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 approval was granted on an accelerated basis and published Friday on the SEC’s website.
The new contracts are cash-settled, meaning holders receive the difference between the Bitcoin spot price and the strike price at expiration. Unlike options on spot Bitcoin ETFs, there is no physical Bitcoin involved and no risk of early assignment, offering traders an alternative way to bet on the price of the cryptocurrency.
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