Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

The United States securities regulator has delayed its decision on whether to allow the New York Stock Exchange to offer options trading on spot Bitcoin&nbsp;<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">(BTC)</a>&nbsp;ETFs.&nbsp;&nbsp;
<a href="https://www.sec.gov/files/rules/sro/nyseamer/2024/34-99921.pdf" target="_blank" rel="noopener noreferrer nofollow">According</a> to the April 8 filing, the Securities and Exchange Commission’s pushback will impact options trading on the Bitwise Bitcoin ETF (BITB), the Grayscale Bitcoin Trust (GBTC) and any other trust that holds Bitcoin on the NYSE.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change,” the securities regulator said.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/a9e2c2c8-6b1f-44c0-a3d9-3af4511747bb.png">
 <figcaption style="text-align: center;">Source: <a href="https://www.sec.gov/files/rules/sro/nyseamer/2024/34-99921.pdf" target="_blank" rel="noopener noreferrer nofollow">SEC</a>
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The next deadline for the SEC to either approve, deny or delay the proposed rule change on the NYSE is on May 29.
The securities regulator reached the same outcome for Nasdaq last month, which&nbsp;<a href="https://cointelegraph.com/news/sec-delays-spot-bitcoin-etf-options-trading-decision" rel="noopener noreferrer nofollow">requested options trading</a> on BlackRock’s iShares Bitcoin Trust (IBIT).
Options are<a href="https://cointelegraph.com/learn/crypto-derivatives" rel="noopener noreferrer nofollow"> derivative products</a> that provide traders leverage and let them make directional bets on the market.
If a trader thought Bitcoin’s price would rise, they could pay a premium, buy a “call option,” and agree to buy 1 BTC at today’s price in a month’s time while putting down less money than would be needed to buy 1 BTC.
If Bitcoin rises over the month, the trader could use their option, buy Bitcoin at the lower price, and maybe sell it for a profit. If it sinks, they’d likely just let the contract expire and forfeit the premium paid.
Related: <a href="https://cointelegraph.com/news/despite-23-percent-gains-bitcoin-options-traders-still-not-bullish" rel="noopener noreferrer nofollow">Despite 23% gains, Bitcoin options traders still not bullish</a>
Grayscale’s CEO, Michael Sonnenshein, is one of two people who <a href="https://www.sec.gov/comments/sr-nyseamer-2024-10/srnyseamer202410.htm" target="_blank" rel="noopener noreferrer nofollow">wrote</a> to the SEC requesting the rule change to be approved.
In a Feb. 28 letter, Sonnenshein argued there’s no reason to knockback options trading on the spot Bitcoin ETFs as the SEC has already approved Bitcoin futures ETFs and spot Bitcoin ETFs on the NYSE.
<blockquote>
 “The natural next step is the approval of options on spot Bitcoin ETPs.”
</blockquote>
The <a href="https://cointelegraph.com/news/grayscale-ceo-regulators-approve-listed-options-spot-bitcoin-etfs" rel="noopener noreferrer nofollow">approval of options for spot Bitcoin ETFs</a> would also “contribute to a robust and healthy market,” Sonnenshein also said in a Feb. 5 X post.
NYSE filed a 19b-4 form proposing options trading on Bitcoin ETFs on Jan. 12, while Nasdaq and Cboe made their own proposals on Jan. 19 — nine days after the SEC approved spot Bitcoin ETFs on several stock exchanges.
Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/" rel="noopener noreferrer nofollow">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>

SEC defers decision on Bitwise, Grayscale Bitcoin ETF options

Cointelegraph

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