Bullish, the New York Stock Exchange–listed digital assets platform and parent company of CoinDesk, is preparing to expand its product suite with the addition of Bitcoin options trading. Starting October 8, the exchange will introduce Bitcoin options trading margined and settled in USDC, a regulated, dollar-pegged stablecoin.
The move underscores the rising demand for hedging tools within the crypto market, as institutions and professional traders look for more efficient ways to manage risk across multiple asset classes.
Details of the New Bitcoin Options
According to Bullish, the contracts will be European-style options, offering expiries ranging from three weeks to three months. Each contract will have a multiplier of one, meaning a single contract represents one full bitcoin. Settlement will occur in USDC, the second-largest stablecoin by market capitalization at $73.85 billion.
Options contracts give traders the right, but not the obligation, to buy (call option) or sell (put option) an asset at a predetermined price within a fixed timeframe. These derivatives are widely used by institutions to hedge against volatility or to gain exposure without directly holding the underlying asset.
Bullish also confirmed plans to expand its options offering to ether (ETH) and other digital assets in the future, including indices such as the CoinDesk 20 and CoinDesk 5.
Industry Trend Toward Hedging Products
The introduction of options marks a new milestone in Bullish’s institutional journey, said Chris Tyrer, President of Bullish Exchange. “Our journey began with spot trading, expanded to include margin, then perpetual and dated futures, and now reaches a new milestone with the introduction of options,” Tyrer said.
He emphasized that the addition of options will deliver a complete derivatives suite, designed for capital efficiency and risk mitigation, all accessible from a single, unified account.
The growing demand for options is reflected in the broader market. Options linked to BlackRock’s spot Bitcoin ETF have surged in popularity this year, rivaling activity on Deribit — the current market leader that handles over 80% of global crypto options trading volume.
A Consortium of Leading Partners
One key differentiator for Bullish’s offering is the support of a consortium of major trading partners from day one. Confirmed participants include Abraxas Capital Management, Ampersan, B2C2, BlockTech, Cumberland, FalconX, Fig Markets, Flow Traders, Galaxy Digital, Monarq Asset Management, Pulsar, SignalPlus, Wintermute, and Qube Research & Technologies.
“Galaxy is excited to support the next chapter of Bullish’s journey,” said Jason Urban, Global Head of Trading at Galaxy Digital. “The addition of options enhances liquidity, deepens price discovery, and strengthens the overall maturity of the crypto derivatives market.”
Unified Margin System
Another feature Bullish highlights is its unified margin system, which allows clients to trade spot, futures, and now options within the same account structure. This system enables portfolio collateralization and offsets risks across different products, improving capital efficiency for institutional traders.
By comparison, leading competitor Deribit uses a segregated standard margin system, where each position requires separate margin calculations. Bullish’s unified approach is designed to simplify risk management and provide a more flexible trading experience.
Growing Position in the Market
Since its debut in November 2021, Bullish has executed more than $1.5 trillion in cumulative trading volume. In 2025 alone, the platform averages over $2 billion in daily trading volume, placing it among the top 10 exchanges for spot trading in Bitcoin and Ethereum.
The exchange also operates under a robust regulatory framework. It is licensed by the New York State Department of Financial Services, the German Federal Financial Supervisory Authority, the Hong Kong Securities and Futures Commission, and the Gibraltar Financial Services Commission.
With a strong foundation in spot and futures trading, Bullish is positioning itself to capture market share in the $50 billion global crypto options sector. While Deribit remains dominant, Bullish’s regulatory oversight, institutional partnerships, and capital-efficient trading structure may attract a growing base of professional investors.
Outlook
The introduction of Bitcoin options trading represents an important step for Bullish as it continues to build out its derivatives platform. Supported by top-tier liquidity providers and institutional partners, the new product could help diversify trading strategies, deepen liquidity, and advance the overall maturity of the crypto derivatives ecosystem.
As crypto markets continue to evolve, options products are expected to play a pivotal role in shaping institutional participation, offering both risk protection and strategic flexibility.
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