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CME keeps Nasdaq’s Bitcoin index options on ice pending SEC review

Nasdaq PHLX’s proposed cash-settled QBTC contract remains frozen as CME challenges the SEC’s authority, with public statements due Aug. 24.

Reported · Written up by our desk · Market Structure

Nasdaq PHLX’s proposed Bitcoin index options remain frozen after CME Group challenged the SEC’s authority to approve the QBTC product. CryptoSlate reports the SEC granted CME’s petition on July 29 to review the SEC’s May approval, and the approval has been automatically stayed since CME filed notice of its challenge on June 11.

The SEC has not set a decision deadline, but public statements are due Aug. 24, opening the next round of filings. The dispute centers on both jurisdiction, and what the outlet describes as a commercial fight over institutional Bitcoin options tied to whether exchanges can offer comparable exposure.

Nasdaq’s QBTC would be a cash-settled contract exercisable at expiration, with intraday pricing linked to the CME CF Bitcoin Real Time Index and final settlement based on the New York variant of the CME CF Bitcoin Reference Rate. CryptoSlate says the contract multiplier is designed so each contract delivers roughly one Bitcoin of reference exposure.

CryptoSlate adds that the timing matters because institutional participation has increased demand for Bitcoin options used to hedge exposure, trade volatility, and generate yield. CME also highlighted that its cryptocurrency derivatives suite averaged 407,200 contracts per day in 2026, up 46% year over year, with average daily open interest of 335,400 contracts.

Latest closeBitcoin $64,040.55 ▲0.9%|Nasdaq Comp. 25,913.90 ▲2.1%

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