INSTITUTIONAL | Nasdaq Wins SEC Nod for Bitcoin Index Options in Crypto Derivatives Push

Nasdaq has won approval from the U.S. Securities and Exchange Commission to list and trade options tied to a Bitcoin index, marking another step in the expansion of regulated crypto-linked derivatives on Wall Street.

The new contracts will be based on the CME CF Bitcoin Real Time Index and structured as cash-settled, European-style options, according to regulatory filings and reports published on Friday. Unlike options tied to spot Bitcoin exchange-traded funds, the contracts cannot be exercised before expiration.

The SEC granted the approval on an accelerated basis after months of review following Nasdaq PHLX’s filing in 2025. The regulator had earlier delayed a final decision to allow more time for consideration and public feedback.

The approval adds to the growing institutional infrastructure around Bitcoin in the United States after the launch of spot Bitcoin ETFs and subsequent approval of options tied to products such as BlackRock’s iShares Bitcoin Trust ETF.

The contracts still require clearance from the Commodity Futures Trading Commission before trading can begin, according to the SEC order.

Nasdaq first sought approval for the product in 2024 as exchanges and trading firms pushed for more sophisticated crypto derivatives aimed at institutional investors seeking hedging and risk-management tools tied directly to Bitcoin prices.

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