The US Securities and Exchange Commission (SEC) has approved Nasdaq PHLX to list and trade cash-settled options on the Nasdaq Bitcoin Index (QBTC), creating the first options product of its kind tied directly to multi-venue spot Bitcoin pricing rather than ETF-based exposure.
SEC Gives Nod to Nasdaq Cash-Settled Bitcoin Index Options
25 May 2026 - 10:09 CEST
Nasdaq PHLX is the Philadelphia-based securities exchange owned by Nasdaq. The 22 May SEC accelerated approval order said the index would allow retail and institutional investors "to obtain a precise price for Bitcoin" by aggregating order data from Bitcoin-USD markets operated by eight major cryptocurrency exchanges.
The order allows retail and institutional investors to obtain a Bitcoin price aggregated from order data across eight major cryptocurrency exchanges, refreshed every 200 milliseconds to reduce the risk of artificial price spikes or localized crashes.
The contracts are European-style index options, exercisable only on expiration. Before trading can begin, the product requires exemptive relief from the Commodity Futures Trading Commission on clearing and margin requirements.
Spot market maturity signal
The SEC's decision to approve an options product benchmarked directly to multi-venue spot Bitcoin pricing rather than Wall Street-managed ETFs marks a vote of confidence in the resilience of the global spot BTC market.
Demand for hedging tools has grown steadily as institutional investors seek to manage exposure to Bitcoin's volatility, and the approval adds a regulated instrument to a derivatives landscape that has expanded sharply in recent years.
CME Group reported a 43% year-on-year rise in average daily trading volume across its crypto futures products so far in 2026.
Index push gathers pace
The approval extends a broader push by traditional exchanges into crypto derivatives infrastructure.
On 14 May, CME Group and Nasdaq announced plans to launch Nasdaq CME Crypto Index futures, expected on 8 June pending regulatory approval, tracking Bitcoin, Ether, Solana, XRP, Cardano, Chainlink and Stellar in both small and large contract sizes.
The move reflects a shift in institutional demand toward diversified, index-level crypto exposure rather than single-asset products. Regulated futures and options give institutions a cleaner entry point while reducing custody and compliance friction that has historically constrained adoption.
