Ripple, Bullish Expand Institutional Access to BTC Options Trading

Ripple Prime clients gained direct BTC options access through Bullish on April 29, expanding institutional derivatives trading. The rollout enables RLUSD use in options trading and connects clients to one of the largest regulated BTC options markets by open interest.

Key Takeaways:

• Ripple Prime clients can now trade BTC options on Bullish using RLUSD.
• Institutional users gain faster execution through existing sub-accounts without added KYC requirements.
• Cross-venue margin support is expected to improve collateral efficiency across trading venues.

Ripple Prime Expands Institutional BTC Options Access

Ripple Prime and Bullish (NYSE: BLSH), an institutionally focused global digital asset platform, announced an expanded integration on April 29 to add BTC options trading access for institutional clients. The update connects Ripple Prime users to Bullish’s regulated options market, alongside existing access to spot, perpetuals, and dated futures. It also allows Ripple USD (RLUSD) to be used in options trading.

The integration expands derivatives access for institutions already operating through Ripple Prime’s brokerage framework. Bullish stated its BTC options market is the second-largest by open interest among crypto-settled bitcoin options. Clients can now trade those options alongside other Bullish products available through the platform. A post shared by Ripple on X on April 29 stated:

“Ripple Prime clients can now trade BTC options on Bullish — and use RLUSD to trade. Institutional crypto, fully integrated.”

Bullish affirmed, “ Stablecoins such as Ripple USD (RLUSD) can be used to trade options on Bullish.” Ripple Prime users can deploy capital instantly through existing sub-accounts, with no additional KYC requirements. That gives institutions faster access to options trading without adding another onboarding step.

Cross-Venue Margin Plans Target Capital Efficiency

The expansion also points to broader collateral management across digital asset venues. Bullish explained that planned cross-venue margin support would allow institutions to manage collateral across exchanges and over-the-counter desks. The feature is aimed at improving capital efficiency for firms trading options across multiple platforms. Ripple Prime provides brokerage, clearing, and financing services across asset classes and cleared more than $3 trillion in 2025, according to the company. Adding Bullish’s options market broadens its digital asset offering while maintaining access to regulated trading infrastructure. The integration gives institutional clients a wider set of tools for managing exposure through options, futures, perpetuals, and spot markets.

Mike Higgins, International CEO at Ripple Prime, said the firms have an established partnership supporting institutional derivatives access. He noted:

“ Bullish and Ripple Prime have been longtime partners, offering Ripple’s institutional clients access to robust derivatives markets as traditional and digital asset markets become increasingly interconnected.”

He added that cross-margining across venues strengthens participation and improves capital efficiency while maintaining exposure to regulated counterparties. The integration is live, pointing to institutional demand for regulated options access, faster capital deployment, and more flexible collateral use.