SEC Clears Nasdaq PHLX Cash-Settled Bitcoin Index Options Under Release 34-105549

The U.S. Securities and Exchange Commission approved Nasdaq PHLX to list and trade cash-settled Bitcoin index options, creating a new regulated way for U.S. investors to access BTC-linked options exposure. The decision, documented as SEC Release No. 34-105549 and tied to proposal SR-Phlx-2025-50, allows contracts that settle in U.S. dollars rather than delivering Bitcoin.