When Will Bitcoin ETF Options Become Available?

The United States Securities and Exchange Commission (SEC) is currently considering proposals from Nasdaq and Cboe to initiate options trading on Bitcoin exchange-traded funds (ETFs), a development that could offer investors additional avenues for trading and hedging strategies, and is something that we at ReadySetCrypto are impatiently waiting on.

Nasdaq’s proposal involves listing and trading options on BlackRock’s iShares Bitcoin Trust, while Cboe, which has already launched six out of the 10 recently approved BTC ETFs by the SEC, seeks to trade options on exchange-traded products (ETPs) holding Bitcoin.

BTC ETFs commenced trading on both Nasdaq and Cboe on January 11 following SEC approval. Catherine Clay, Cboe’s executive vice president, reported positive inflows into these ETFs and affirmed their accurate tracking of Bitcoin’s price. Clay regards options trading on these ETFs as “the next logical step,” highlighting the potential for added utility and risk management benefits. Similarly, Nasdaq’s filing emphasized the cost efficiencies and enhanced hedging strategies that options could bring.

Options, as a derivative, allow investors to buy or sell an asset at a specified price within a set timeframe. VettaFi analyst Dave Nadig anticipates a surge in interest from hedge fund players in the BTC ETF options market, particularly from those who previously did not engage directly in the crypto ecosystem.

According to Clay, Cboe submitted its filing for options listing “last week” and is now awaiting regulatory feedback on its and other exchanges’ submissions. The process involves additional filings by Cboe’s options clearing corporation with both the SEC and the Commodity Futures Trading Commission.

Bloomberg ETF analyst James Seyffart remarked on the rapid pace of Nasdaq’s announcement, suggesting that options trading could potentially receive approval as soon as the end of February or by September 21 at the latest. The proposals will undergo a 21-day public comment period following their publication in the Federal Register, inviting input from stakeholders and the broader investment community.

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