According to the source, the SEC approved Nasdaq PHLX’s QBTC rule change, but trading still depends on CFTC exemptive relief and OCC disclosure approval before the cash-settled Bitcoin index options can launch.
The SEC has approved Nasdaq PHLX’s proposed rule change to list Nasdaq Bitcoin Index Options under ticker QBTC, marking a major regulatory step toward bringing cash-settled Bitcoin volatility trading into the U.S. listed options market. According to the source, the contracts will be European-style, P.M.-settled, and cash-settled in U.S. dollars, with final settlement based on BRRNY, a New York-close Bitcoin benchmark tied to 4:00 p.m. Eastern time. The underlying index is the CME CF Bitcoin Real Time Index (BRTI), divided by 100, with CF Benchmarks publishing indicative values every 200 milliseconds during the trading day. Trading cannot begin until the CFTC grants exemptive relief and the OCC approves updates to the Options Disclosure Document. The source says QBTC would let investors gain and manage Bitcoin exposure in the same account and margin framework used for equity index options, without holding BTC directly or relying on crypto-native derivatives venues. The SEC also cited a spot Bitcoin market capitalization of about $1.52 trillion as of April 29 and said the proposed position and exercise limits would equal about 0.12% of outstanding Bitcoin supply.