Nasdaq announced that options trading on spot bitcoin exchange-traded funds (ETFs) could debut as early as Tuesday, a move that could significantly boost institutional interest in the cryptocurrency market.

Trump Media, the company behind the Truth Social app and majority-owned by President-elect Donald J. Trump, is reportedly in advanced discussions to acquire the cryptocurrency trading platform Bakkt.

Nasdaq-listed business intelligence firm MicroStrategy has announced plans to raise $1.75 billion through a senior convertible note offering at a 0% interest rate, in a bid to keep accumulating Bitcoin.

Top stories in the Crypto Roundup today:

• Nasdaq Set to Launch Options Trading for BlackRock’s Spot Bitcoin ETF
• Trump Media Eyes Acquisition of Crypto Trading Platform Bakkt
• MicroStrategy to Raise $1.75 Billion via Convertible Note Offering to Double Down on Bitcoin

Nasdaq Set to Launch Options Trading for BlackRock’s Spot Bitcoin ETF

Nasdaq announced that options trading on spot bitcoin exchange-traded funds (ETFs) could debut as early as Tuesday, a move that could significantly boost institutional interest in the cryptocurrency market.

Alison Hennessy, head of ETP listings at Nasdaq, said the firm intends to “list and trade these options as early as tomorrow,” referring to today, November 19, and added that “getting these options listed on IBIT into the market I think will be very exciting for investors because that’s really what we have heard from them.”

While eleven spot bitcoin ETFs are currently listed in the U.S., only BlackRock’s iShares Bitcoin Trust (IBIT) is listed on Nasdaq, and is therefore eligible for options trading. The SEC approved options for IBIT back in September.

Options contracts offer investors the right, but not the obligation, to buy or sell an underlying asset, such as IBIT, at a predetermined price within a specified timeframe. This flexibility enables traders to implement sophisticated strategies, including leveraging bets and hedging positions.

The New York Stock Exchange (NYSE) and Cboe Global Markets, which list other spot bitcoin ETFs, have also received regulatory approval for options trading. Options trading for spot Bitcoin ETFs listed on these exchanges could start trading in the next few days, according to Bloomberg Intelligence ETF analyst James Seyffart.

Trump Media Eyes Acquisition of Crypto Trading Platform Bakkt

Trump Media, the company behind the Truth Social app and majority-owned by President-elect Donald J. Trump, is reportedly in advanced discussions to acquire the cryptocurrency trading platform Bakkt.

Bakkt, created by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has ties to Trump’s political orbit as Kelly Loeffler, a former Bakkt CEO, co-chaired Trump’s inauguration committee.

Loeffler is married to Jeffrey Sprecher, the CEO of ICE, and has served in the US Senate before losing her seat in a runoff election.

Founded in 2018 and headquartered in Alpharetta, Georgia, Bakkt initially aimed to offer tech services to cryptocurrency investors. The firm reported $328.4 million in revenue in its most recent earnings report and an operating loss of $27.4 million.

In its report, the firm noted that it “may not be able to continue as a going concern.” Meanwhile, Trump Media has reported a $363 million net loss on $2.6 million of revenue so far this year but holds nearly $673 million in cash and cash equivalents.

MicroStrategy to Raise $1.75 Billion via Convertible Note Offering to Double Down on Bitcoin

Nasdaq-listed business intelligence firm MicroStrategy has announced plans to raise $1.75 billion through a senior convertible note offering at a 0% interest rate in a bid to keep accumulating Bitcoin.

In its announcement, MicroStrategy detailed that it plans to “use the net proceeds from this offering to acquire additional bitcoin and for general corporate purposes.” The proceeds could see MicroStrategy add an additional 19,065 BTC at current prices.

The company has been accumulating Bitcoin since September 2020, and has so far purchased 331,200 BTC for around $16.5 billion, with its total holdings now being worth more than $30 billion.

The company's Bitcoin investment strategy has yielded substantial returns, with its holdings appreciating significantly over time. The company’s latest convertible notes offering sees it sell the notes at a discount and the notes maturing at face value if they aren’t converted prior to their 2029 maturity date.

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