Cboe Global Markets Withdraws and Re-submits Application to List Options on Spot Bitcoin ETFs

This action has renewed interest in the Securities and Exchange Commission's (SEC) involvement in Bitcoin ETF options.

Bitcoin exchange-traded fund (ETF) options may become available to trade on the U.S. stock market in the fourth quarter of this year, according to Bloomberg Intelligence analysis.

This follows the Securities and Exchange Commission’s (SEC) seven-month review of applications from major exchanges including Cboe Global Markets and Nasdaq to list options on spot Bitcoin ETFs.

Bloomberg Intelligence analyst James Seyffart highlighted that the SEC’s final deadline for a decision is ~Sept. 21, but noted that further approvals from the Options Clearing Corporation (OCC) and Commodity Futures Trading Commission (CFTC) would be needed.

After the seven-month period, the Miami International Securities Exchange, MIAX PEARL, and BOX Exchange withdrew their applications to list options on spot Bitcoin ETFs, according to Seyffart. He characterized these exchanges as smaller players compared to Nasdaq and NYSE, which still have active applications.

“We think the #Bitcoin ETF options happen in 4th quarter this year,” said Seyffart in a tweet on Aug 8. “Final deadline for SEC decision is ~Sept. 21 but there's more steps needed after that from OCC & CFTC. Here are some BTC & ETH related ETFs including leveraged that already have options. cc @EricBalchunas.”

The analyst noted that the final deadline for the SEC’s decision is September 21, after which further approvals from the OCC and CFTC will be required.

Seyffart included a list of several BTC and ETH related ETFs, including leveraged ETFs that already have options available. He tagged fellow Bloomberg Intelligence analyst Eric Balchunas in the tweet.

Nasdaq filed an application in March to list options on seven spot Bitcoin units including ETFs from ProShares, VanEck, and Fidelity. NYSE applied in April to list options on 10 spot Bitcoin units including ETFs from GraniteShares and Global X.

Cboe Global Markets withdrew and then re-submitted its application to list options on spot Bitcoin ETFs on Aug 8. The 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 highlighted these details in a tweet, adding that the application may extend the decision timeline to late April 2025.

“Cboe's 15-page application to list Bitcoin ETF options in December now 44 pages,” said Balchunas in a tweet on Aug 8. “They're now applying for options on 75D units from the likes of Fidelity, Ark Invest, and BlackRock. At this rate, the SEC will approve ETF options in late April 2025.”

According to Balchunas, Cboe’s initial 15-page application to list Bitcoin ETF options in December has now expanded to 44 pages. The application now includes requests for options on 75D units from major ETF issuers such as Fidelity, Ark Invest, and BlackRock.

The analyst noted that the application may push the SEC’s decision timeline back to late April 2025.

Bitcoin price rose 1.3% over the past 24 hours and reached $23,934 by press time on Aug 9. BTC’s gains follow a recent bullish trend in the crypto market, which saw the total crypto market capitalization increase 1.1% to $1.1 trillion.

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