Daily Crypto Briefs 
SAN FRANCISCO, July 16, 2026
Kraken has launched cash-settled Bitcoin and Ether options for eligible professional and institutional clients on Kraken Pro, adding weekly through semi-annual contracts to its derivatives lineup as Bitcoin traded near $63,834 and Ether near $1,865.
The contracts are European-style, meaning they can be exercised only at expiry, and are settled in U.S. dollars. Kraken is initially offering them through request-for-quote access, rather than a public order book, and says European availability is planned for the second half of 2026 subject to regulatory confirmation.
CoinGecko market data showed Bitcoin near $63,834 on July 17, compared with about $62,512 a month earlier. Ether was near $1,865, according to its CoinGecko market page, while the Crypto Fear and Greed Index read 27, or Fear.
Kraken said in its July 16 announcement that the contracts are linear and dollar-settled, with premiums, profit and loss, and final settlement all denominated in USD. Alexia Theodorou, Kraken’s director of derivatives, said the design gives professional clients a more familiar way to access crypto-options exposure.
The launch follows Kraken’s June rollout of CFTC-regulated U.S. perpetual futures, which brought another crypto-native derivatives format into the company’s exchange interface. The products are different: perpetual futures have no fixed expiry and use recurring funding payments, while options give a buyer a right, rather than an obligation, to transact at a set price on a specified date.
The practical change is more about hedging and market structure than a price call. Clients can now place options alongside spot and futures holdings in one account, but the company has not disclosed launch-day volume, open interest, quoted spreads or the number of clients approved to trade.
Bitcoin
BTCKraken Opens BTC and ETH Options Through RFQ
Eligible clients can trade XBT/USD and ETH/USD options with weekly, monthly, quarterly and semi-annual expiries, according to Kraken. The initial request-for-quote model lets a client seek a price from a liquidity provider for a specified trade instead of matching every order in a displayed central book.
That distinction matters for the first phase. A live product does not necessarily mean continuous, visible liquidity for every strike and maturity. Kraken says it expects later phases to add a public order book, but it did not give a launch date, name market makers or publish target liquidity metrics.
The contract structure is deliberately familiar to desks that already use fiat-settled derivatives. A linear contract is quoted and settled in dollars, rather than requiring the trader to receive or deliver Bitcoin or Ether at expiry. The format can simplify accounting and collateral operations for a firm whose reporting currency is USD.
Kraken’s options product page says the launch is aimed at professional and institutional clients. It did not announce retail eligibility, country-by-country access, minimum trade size, fee schedules or strike coverage in the release.
The timing adds another regulated-market choice as exchanges build round-the-clock crypto risk tools. CME recently expanded its own crypto futures and options trading to a 24/7 schedule, although its listed products, clearing model and market-access rules are separate from Kraken’s offering.
Portfolio Margin Connects Kraken Spot, Futures and Options
Kraken says portfolio margin is enabled by default for eligible options clients, with spot, futures and options held in a single wallet. The platform accepts collateral in more than 30 currencies, the company said.
Portfolio margin can recognize offsetting positions when calculating a client’s overall requirement. A firm holding spot Bitcoin, for example, may use an options position to reduce certain directional risks instead of treating every position as unrelated collateral demand.
It does not eliminate market or counterparty risk. Margin requirements can change, options can expire worthless, and a hedged portfolio can still lose money if price moves, volatility, liquidity or the relationship among positions changes sharply.
This is also not a universal cross-product margin permission for every customer. Kraken limits the new service to eligible clients, and access depends on jurisdiction, onboarding and product-specific rules. The company did not disclose whether collateral haircuts vary by currency or asset.
The operational advantage is concentration of tools in one interface. That is the same broader exchange strategy behind Kraken’s Solana on-chain trading feature, though the on-chain product routes self-custodial DEX trades and the options launch is a derivatives offering for institutions.
Europe and Public-Order-Book Plans Remain Ahead
Kraken said Europe is the next geographic milestone, with access planned in the second half of 2026 subject to regulatory confirmation. It also named broader asset coverage and a public order book as expected future phases, without committing to dates or an asset list.
Those limits leave the first rollout narrower than a general claim that Kraken has opened crypto options to all customers. Professional and institutional clients can request quotes now, while retail access, European launch timing and the depth of the eventual order book remain unconfirmed.
Options can help investors define risk or hedge holdings, but they can also add leverage and complex loss profiles. Daily Crypto Briefs’ guide on why most people should not trade crypto futures makes a related point about derivatives: familiar access does not remove the need to understand margin, liquidation and position sizing.
Broader market sentiment remained cautious. The Crypto Fear and Greed Index stood at 27 on July 17, a reading that reflects market-wide conditions rather than demand for Kraken’s contracts.
Fear & Greed Index
July 17, 2026The next useful evidence will be operational: quoted depth across BTC and ETH strikes, open interest, realized spreads, European regulatory clearance and the timing of Kraken’s promised public order book. Until then, the confirmed development is a targeted, dollar-settled options launch for eligible professional and institutional users.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Kraken: BTC and ETH options launch |
| | Kraken: options product page |
| | CoinGecko: Bitcoin market data |
| | CoinGecko: Ethereum market data |
| | Alternative.me: Crypto Fear and Greed Index |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
What options did Kraken launch?
Kraken launched European-style, cash-settled options on Bitcoin and Ether for eligible professional and institutional clients through Kraken Pro.
How are Kraken's BTC and ETH options settled?
Kraken says its new BTC and ETH options are linear contracts settled in U.S. dollars, including premium, profit and loss, and final settlement.
Which expiries are available on Kraken options?
At launch, Kraken lists weekly, monthly, quarterly and semi-annual expiries through request-for-quote access.
Can retail users trade Kraken's new BTC and ETH options?
The launch is initially for eligible professional and institutional clients. Kraken did not announce a retail rollout date.
When will Kraken options be available in Europe?
Kraken says European access is planned for the second half of 2026, subject to regulatory confirmation.