The index represents current trades on cryptocurrency exchanges and these will be spot options. This complements the existing CME Options which are linked to bitcoin futures.
Nasdaq has filed an application with the Securities and Exchange Commission (SEC) to launch Nasdaq Bitcoin Index Options (XBTX), in partnership with CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.
The index will track the current trades on cryptocurrency exchanges and will be spot options, complementing the existing CME Options that are linked to bitcoin futures.
“Spot options settling to BRRNY (CME CF Bitcoin Reference Rate – New York Variant) will build upon the hugely successful BTC futures and options contracts offered by CME,” said Sui Chung, CEO of CF Benchmarks. “Together these regulated crypto derivatives will give investors the confidence to deploy more nuanced ways to gain exposure to the largest digital asset and will complement the spot ETFs that have already proved so popular with investors.”
Several filings have been made for the approval of options linked to the Spot Bitcoin ETFs. This month, four proposals were withdrawn by Cboe, NYSE, Nasdaq and BOX, but a Bloomberg commentator expects to see re-filings and approval for ETF options in Q4.
The New York Stock Exchange (NYSE) also made a filing in May for spot Bitcoin options similar to the Nadaq’s, although those are based on the Coindesk index.
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