Product Introduction
On October 2, 2025, Bullish, the NYSE-listed digital assets platform, announced plans to introduce bitcoin options trading effective October 8. The contracts will be margined and settled in USDC, the regulated dollar-pegged stablecoin, featuring expiries ranging from three weeks to three months.
Contract Features
Options will follow a European exercise style, granting holders the right—but not the obligation—to buy or sell one bitcoin per contract at a predetermined strike price. The contract multiplier is set to one, aligning one option contract with one bitcoin unit for straightforward risk management.
Unified Margin Architecture
Bullish’s unified margin system enables clients to manage collateral across spot, perpetual futures, dated futures, and now options within a single account. The approach enhances capital efficiency by offsetting portfolio-level risk, contrasting with traditional segregated margin models requiring separate collateral buckets.
Consortium of Trading Partners
The new offerings will launch with support from a consortium of leading market makers and institutional trading desks, including Abraxas Capital Management, B2C2, Flow Traders, Galaxy Digital, and Wintermute. These partners will provide liquidity and facilitate price discovery from day one.
Market Context
The global crypto options market currently exceeds $50 billion in notional open interest, dominated by existing venues like Deribit. Bullish aims to capture market share by leveraging its unified margin framework and regulatory licenses across multiple jurisdictions.
Strategic Implications
Introducing options complements Bullish’s existing product suite, which spans spot trading, margin, perpetual and dated futures. The expansion reflects growing client demand for hedging tools and structured products within institutional digital asset portfolios.
Regulatory and Licensing
Bullish holds licenses from the New York State Department of Financial Services, the German BaFin, Hong Kong’s SFC, and the Gibraltar Financial Services Commission. The regulated nature of USDC settlement aligns with compliance expectations for institutional counterparties.
Future Developments
Following the bitcoin options launch, Bullish plans to introduce ether options and multi-asset index options tied to its proprietary indices. Technology and product roadmaps also include enhancements to risk management algorithms and user interface features.
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