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Cboe Exchange submitted amended applications to U.S. regulators seeking approval to list options on Bitcoin and Ether exchange-traded funds (ETFs). The filings reveal that the exchange aims to offer options linked to ETFs issued by prominent asset managers, including Fidelity, 21Shares, Invesco, VanEck, Grayscale, Bitwise, BlackRock’s iShares, and Valkyrie.
The proposed rule changes would classify these spot cryptocurrency {Ethereum} (ETH) alongside commodities-based ETFs, such as the Goldman Sachs Physical Gold ETF and the iShares Silver Trust, as "[s]ecurities deemed appropriate for options trading." This classification reflects the growing interest and activity in options for spot cryptocurrencies in the U.S. market.
In related developments, Nasdaq announced on August 27 its intention to list Bitcoin options tied to the CME CF Bitcoin Real-Time Index (BRTI), which serves as a benchmark for Bitcoin’s spot price. However, both the New York Stock Exchange (NYSE) American and the Nasdaq International Securities Exchange (ISE) withdrew four applications related to Bitcoin options in August. Cboe also retracted a previous application to list options on Bitcoin ETFs on August 8. According to Bloomberg Intelligence James Seyffart, this activity suggests that the SEC has provided feedback that may be influencing these decisions. Bloomberg forecasts that spot Bitcoin options could be available in the fourth quarter of this year.
Options contracts provide the right, but not the obligation, to purchase or sell an underlying asset at a predetermined price. These instruments are widely used for hedging and speculation.
The popularity of cryptocurrency derivatives on regulated exchanges is increasing in the U.S. As of August 9, open interest in Bitcoin futures ETF options exceeded $3.25 billion, according to data from The Options Clearing Corporation.