US SEC Green Lights Options on Bitcoin ETFs

Oct 18 (Reuters) – The U.S. securities regulator has granted “accelerated approval” to 11 exchange-traded funds to list and trade options tied to spot bitcoin prices on the New York Stock Exchange, according to a regulatory filing.

The Securities and Exchange Commission (SEC) had in January approved the bitcoin ETFs to track bitcoin, in what was a watershed for the world’s largest cryptocurrency and the broader crypto industry.

According to two memos from the SEC published Friday afternoon, NYSE will be allowed to list and trade options on the Grayscale Bitcoin Trust (GBTC), the Grayscale Bitcoin Mini Trust (BTC) and the Bitwise Bitcoin ETF (BITB). Cboe Global Markets got approval to list and trade options on the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB).

The index options – listed derivatives offering a quick and inexpensive way to amplify exposure to bitcoin – on a bitcoin index would give institutional investors and traders an alternative way to hedge their exposure to the world’s largest cryptocurrency.

Options are listed derivatives that give the holder the right to buy or sell an asset, such as a stock or exchange-traded product, at a predetermined price by a set date.

The regulator last month approved listing and trading of options for asset manager BlackRock’s (BLK.N), exchange-traded fund on the Nasdaq.

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