WASHINGTON, May 22, 2026 — The U.S. Securities and Exchange Commission approved a proposal by Nasdaq PHLX LLC to list and trade cash-settled options tied to the Nasdaq Bitcoin Index, marking another step in the expansion of regulated U.S. market infrastructure for bitcoin-linked derivatives.
In an order issued May 22, the SEC approved, on an accelerated basis, Nasdaq PHLX’s proposed rule change to launch options on the Nasdaq Bitcoin Index under the ticker symbol “QBTC.” The options will be based on the CME CF Bitcoin Real Time Index, or BRTI, divided by a factor of 100.
The approval follows a review process that began with Nasdaq PHLX’s original filing in September 2025 and included Amendment No. 1 submitted on May 15, 2026.
Cash-settled structure and benchmark methodology
According to the SEC order, the proposed Nasdaq Bitcoin Index Options will be cash-settled and European-style, meaning contracts may only be exercised on expiration.
The final settlement value will be based on the CME CF Bitcoin Reference Rate – New York Variant, or BRRNY, which is calculated using bitcoin trading data from constituent cryptocurrency exchanges between 3:00 p.m. and 4:00 p.m. New York time.
The SEC filing states that the BRRNY is intended to provide a “replicable, manipulation-resistant and representative Bitcoin benchmark” synchronized with the traditional U.S. market close.
CF Benchmarks Ltd. will serve as the reporting authority for the benchmark products associated with the options.
The filing describes the BRTI as a real-time benchmark index calculated every 200 milliseconds using aggregated order-book data from constituent cryptocurrency trading venues.
CF Benchmarks, the benchmark administrator, is supervised by the UK Financial Conduct Authority under the UK Benchmarks Regulation framework, according to the filing.
Institutional hedging and market structure
Nasdaq PHLX stated in the filing that the proposed options could be used for portfolio hedging, structured products, and “onshoring of risk associated with holding capital and options in non-U.S. regulated venues.”
The exchange also argued that the benchmark methodology is resistant to manipulation because it uses volume-weighted medians across multiple time partitions and constituent exchanges.
According to the filing, the proposed product does not hold physical bitcoin and is structured similarly to spot bitcoin exchange-traded products approved by the SEC in January 2024.
The filing further states that the options are intended to allow market participants holding spot bitcoin exchange-traded products to hedge or modify exposure within a regulated securities-market framework.
Additional regulatory approvals still required
The SEC order notes that Nasdaq PHLX will not be permitted to list and trade the options product until the Commodity Futures Trading Commission grants necessary exemptive relief under the Commodity Exchange Act.
The filing further states that the Options Clearing Corporation must receive approval to update the Characteristics and Risks of Standardized Options disclosure document to reflect risks associated with Nasdaq Bitcoin Index Options before trading can begin.
Nasdaq PHLX also stated that the product would trade under SEC oversight, while the CFTC would retain enforcement jurisdiction relating to the underlying commodity markets.
