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Nasdaq Bitcoin Index Options Approved by SEC, Pending CFTC Exemption for Trading Listing
Deep Tide TechFlow News, May 24, According to FinanceFeeds, the U.S. Securities and Exchange Commission (SEC) has approved Nasdaq to list cash-settled Bitcoin index options on the Philadelphia Stock Exchange, with the trading code QBTC. This product is a European-style option, linked to the Nasdaq Bitcoin Index, tracking 1% of the CME CF Bitcoin Real-Time Index, with reference prices updated every 200 milliseconds.
QBTC options are cash-settled, with holders receiving the difference between the spot Bitcoin price and the strike price at expiration, without physical delivery. The SEC stipulates a minimum trading unit of $0.01, a maximum of 24,000 contracts per side, accounting for approximately 0.12% of Bitcoin's circulating supply.
However, since Bitcoin is classified as a commodity in the United States, this product also requires an exemption from the Commodity Futures Trading Commission (CFTC) before it can officially begin trading. This SEC approval is one of the series of measures promoted under SEC Chair Paul Atkins to bring the crypto market into formal regulatory channels.