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On January 19, the SEC approved proposals from Nasdaq and Cboe to begin trading BTC ETF options.
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Nasdaq filed a rule change application to list and trade options on BlackRock’s iShares Bitcoin Trust.
Cboe applied for trading options on “Bitcoin-Holding ETPs.” The company has launched six of the 10 BTC ETFs recently approved by the SEC.
BTC ETFs began trading on Nasdaq and Cboe on January 11, after receiving approval from the SEC.
Cboe Executive Vice President Catherine Clay said in a statement on January 18 that the exchange was seeing “good inflows” into BTC ETFs, and that this was continuing to track the BTC price “as expected.”
Clay characterized options as “the next logical step in BTC ETFs.” She said that BTC ETF options trading would add value and risk-mitigation to the products. Nasdaq also said in its filing that options would offer “cost efficiency and enhanced hedging strategies.”
VettaFi analyst spoke (Nasdaq)
Options are a derivative that gives the owner the right to buy an asset at a predetermined time, at a specified price. VettaFi analyst Dave Nadig told CNBC on January 17:
“I think you’re going to start to see all sorts of hedge fund players in the ETF options space. People who traditionally haven’t been speculating directly on crypto in the crypto ecosystem will now have something to play with.”
Clay said that Cboe filed for permission to list options “last week.” She also said, “We’re really in that wait-and-see mode to see what the regulators are going to do with our applications and the other exchanges’ applications. It’s really hard to know if we’re going to get approval.”