Nasdaq has won approval from the U.S. Securities and Exchange Commission to list and trade options tied to a Bitcoin index, marking another step in the expansion of regulated crypto-linked derivatives on Wall Street.

The new contracts will be based on the CME CF Bitcoin Real Time Index and structured as cash-settled, European-style options, according to regulatory filings and reports published on Friday. Unlike options tied to spot Bitcoin exchange-traded funds, the contracts cannot be exercised before expiration.

The SEC granted the approval on an accelerated basis after months of review following Nasdaq PHLX’s filing in 2025. The regulator had earlier delayed a final decision to allow more time for…