SEC Approves Nasdaq Bitcoin Options (QBTC) on Phlx, CFTC Relief Still Needed

According to an SEC order published Friday, the Securities and Exchange Commission approved Nasdaq's proposal to list cash-settled Bitcoin index options under ticker QBTC on the Philadelphia Stock Exchange. The contracts are tied to the Nasdaq Bitcoin Index, which tracks one one-hundredth of the CME CF Bitcoin Real Time Index and updates every 200 milliseconds.

The SEC granted approval on an accelerated basis, but trading cannot begin immediately. The contracts still require exemptive relief from the Commodity Futures Trading Commission, as Bitcoin is treated as a commodity under CFTC jurisdiction. The SEC order sets a minimum trading increment of $0.01 and a position limit of 24,000 contracts per side, equivalent to roughly 0.12% of Bitcoin's outstanding supply.