Cboe revise applications to list Bitcoin and Ether ETF options

The Chicago Board Options Exchange (Cboe) has submitted revised applications to the Securities and Exchange Commission (SEC) to list options on Bitcoin and Ethereum exchange-traded funds (ETFs).

The first of the two key filings, dated August 8 and numbered SR-CBOE-2024-035, wants to list options on Bitcoin ETFs.

These ETFs have been gaining traction since their introduction earlier in the year, with assets under management (AUM) for spot Bitcoin ETFs hitting over $58 billion by mid-August.

Cboe’s updated filing goes deep, addressing issues like position limits and market manipulation—concerns that have been sticking points for the SEC.

Just a day after the Bitcoin filing, on August 9, Cboe submitted its application for Ethereum ETF options under the filing number SR-CBOE-2024-036. 

The application is as detailed as the one for Bitcoin, focusing on regulatory concerns that have stalled previous efforts.

Like Bitcoin, Ethereum has seen its share of volatility. But let’s not forget that the SEC has the final say here, and their track record with crypto-related products has been anything but quick.

Analysts are already suggesting that even if these filings address all the SEC’s concerns, we might not see an approval until 2025 or even 2026.

The SEC’s hostile approach to crypto is well known. They’ve been slow to approve anything, and these ETF options are no exception. The timeline for approval is uncertain.

The stakes are high. If approved, these options could bring more institutional investors into the market, potentially driving further growth in both Bitcoin and Ethereum markets. 

At press time, Bitcoin was worth $59,132. Over the past 24 hours, Bitcoin’s trading volume has decreased by about 10.56%, totaling $37.17 billion.

Meanwhile, after a period of sharp declines, Ethereum’s price has bounced back slightly but remains below the $3,000 level it held just weeks ago.