Bullish executed a bitcoin options contract expiring on January 28, 2028, the longest-dated options trade ever completed on a digital asset exchange. The trade provides about two and a half years of forward exposure to bitcoin, although its strike price, notional size and counterparties were not disclosed. Bullish launched its bitcoin options product on October 8, 2025, initially offering European-style options with maturities from three weeks to three months, margined and settled in USDC with a 1 BTC multiplier. By early 2026, it had become the world's second-largest bitcoin options market by open interest, behind Deribit, after surpassing OKX, Binance and CME. Open interest peaked at between $3 billion and $4 billion, while daily volume exceeded $1 billion, about 20% of the global bitcoin options market. Galaxy Digital and Cumberland were among the market makers supporting liquidity from launch. Bullish's unified margin system lets traders use one collateral pool across spot, futures and options. Its options data became available on Laevitas and The Block in May 2026, giving institutional traders access to the market through platforms used for price discovery, volatility analysis and comparisons with Deribit and CME.