The SEC just gave Nasdaq the green light to list options tied directly to a Bitcoin price index. Not options on a Bitcoin ETF. Not options on Bitcoin futures. Options on the index itself, settled in cash, traded on a regulated equities exchange.
It’s a distinction that matters more than it sounds. This approval, filed under SEC Release No. 34-105549, lets Nasdaq PHLX list and trade European-style, cash-settled options on the Nasdaq Bitcoin Index. The ticker: QBTC.
What exactly got approved
The Nasdaq Bitcoin Index tracks the CME CF Bitcoin Real Time Index, known as BRTI, which pulls real-time Bitcoin valuations from major spot trading venues. Settlement prices are determined by the CME CF Cryptocurrency Reference Rate, New York Variant (BRRNY). Some reports also reference the ticker XBTX alongside QBTC.
European-style means these options can only be exercised at expiration, not before. Cash-settled means no one is delivering actual Bitcoin when contracts expire. You’re simply paid the difference between your strike price and the settlement value in US dollars, with a minimum trading increment of $0.01.
