The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq's listing of cash-settled Bitcoin index options on the Philadelphia Stock Exchange under the ticker QBTC. These European-style options are linked to the Nasdaq Bitcoin Index, which tracks one-hundredth of the CME CF Bitcoin Real-Time Index. The options are settled in cash, with the reference price updated every 200 milliseconds. Upon expiration, holders receive the difference between Bitcoin's spot price and the strike price. The SEC has set a minimum trading unit of $0.01 and a position limit of 24,000 contracts, representing about 0.12% of Bitcoin's circulating supply. However, trading cannot commence until an exemption is granted by the Commodity Futures Trading Commission (CFTC), as Bitcoin is classified as a commodity in the U.S. This approval is part of SEC Chairman Paul Atkins' efforts to integrate the cryptocurrency market into the formal regulatory framework.