On Aug 8, Cboe Global Markets withdrew and then re-submitted its application to list options on spot Bitcoin exchange-traded funds (ETFs). This action has renewed interest in the Securities and Exchange Commission’s (SEC) involvement in Bitcoin ETF options.
Bloomberg Intelligence analyst James Seyffart predicted that options on spot Bitcoin ETFs might become available in the fourth quarter of this year.
Seyffart noted that the SEC’s final deadline for a decision is September 21, but added that further approvals from the Options Clearing Corporation (OCC) and Commodity Futures Trading Commission (CFTC) would be needed.
Following this, the Miami International Securities Exchange, MIAX PEARL, and BOX Exchange withdrew their applications to list options on spot Bitcoin ETFs. Seyffart characterized these exchanges as smaller players compared to Nasdaq and NYSE, which still have active applications.Â
Despite the withdrawals, Seyffart and fellow analyst Eric Balchunas remain optimistic about the potential for approval from the larger exchanges later this year.
Cboe’s new application, which has expanded from the original 15 pages to 44 pages, addresses regulatory feedback on issues like position limits and market manipulation. The revised filing proposes allowing options trading on ETFs managed by major firms including Fidelity, Ark Invest, and BlackRock.
Balchunas suggests that the detailed re-filing indicates positive engagement with the SEC, although it may extend the decision timeline to late April 2025.
Also Read: New Proposal for Tax-Free Bitcoin Economic Zone in the US
