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US-based Cboe Exchange has filed an amended application with regulators to list options on Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).
The applications propose listing options tied to ETFs from asset managers like Fidelity, 21Shares, Invesco, VanEck, Grayscale, Bitwise, BlackRock’s iShares, and Valkyrie.
The proposed rule change would classify these spot cryptocurrency ETFs alongside commodities-based ETFs like the Goldman Sachs Physical Gold ETF and the iShare Silver Trust as “securities deemed appropriate for options trading.”
The move follows Nasdaq’s announcement on August 27 to list Bitcoin options tied to the CME CF Bitcoin Real-Time Index (BRTI), which benchmarks BTC’s spot price.
In recent months, several exchanges like the New York Stock Exchange (NYSE) American and Nasdaq International Securities Exchange (ISE) have pulled their applications for Bitcoin options. On August 8, Cboe withdrew its earlier application for BTC ETF options but has now refiled with a wider scope.
Bloomberg Intelligence analyst James Seyffart said earlier this year that the SEC likely provided feedback, prompting this renewed effort. Bloomberg anticipates spot Bitcoin options to launch in the fourth quarter of this year.
Options contracts provide the right to buy or sell an underlying asset at a specific price, functioning as a hedge or a speculative instrument. Interest in cryptocurrency derivatives on regulated exchanges is growing in the U.S. As of August 9, open options interest on BTC futures ETFs surpassed $3.25 billion, according to data from The Options Clearing Corporation.
Plans to list Solana (SOL) ETFs also remain active. VanEck’s plans for a Solana ETF are “still in play,” despite Cboe Global Markets withdrawing a regulatory filing proposing to list the fund on its exchange, according to VanEck’s head of digital assets research.
The SEC’s stance on Solana was not unexpected, as the agency previously labeled Solana as a security in various court filings. Issuers are now considering new filings or amendments to the 19b-4 forms to argue more effectively that Solana should not be classified as a security.
While Bitcoin and Ethereum ETFs have successfully cleared regulatory hurdles and started trading, market analysts have remained skeptical about the chances for Solana ETFs.
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