Bitcoin News Today: Bullish Challenges Deribit's Dominance with Crypto Options Launch

Bullish (NYSE: BLSH), an institutionally focused digital asset platform, announced the launch of cryptocurrency options trading on October 8, 2025. The new product, which includes European-style Bitcoin (BTC) options margined and settled in USDC, will expand Bullish's derivatives offerings to include spot, margin, perpetual futures, and dated futures within a unified trading account. The contracts feature a 1:1 multiplier (one contract equals one BTC) and expiries ranging from three weeks to three months, with plans to introduce Ether (ETH) and multi-asset indices like the CoinDesk 20 and CoinDesk 5 in the futureBullish to Offer Bitcoin Options Trading With Top-Tier Consortium of Trading Partners - CoinDesk^[1].

The launch follows a strategic collaboration with a consortium of 14 top-tier trading partners, including Abraxas Capital Management, Flow Traders, FalconX, and Galaxy Digital. These partners were involved in the product design phase to address institutional needs, such as liquidity, price discovery, and capital efficiency. Galaxy Digital's Jason Urban highlighted the move as a "strong step forward" for crypto derivatives maturity, while Flow Traders' Marc Jansen emphasized the platform's "unified margin model" as a competitive edgeBullish to Offer Bitcoin Options Trading With Top-Tier Consortium of Trading Partners - CoinDesk^[1].

Bullish's unified margin system allows clients to collateralize portfolios across spot, futures, and options markets, reducing margin requirements and enhancing capital efficiency. This feature distinguishes Bullish from competitors like Deribit, which currently holds over 80% of the $50 billion notional open interest in the global crypto options market. Bullish's existing $1.5 trillion cumulative trading volume and top-ten spot trading rankings for BTC and ETH further position it to compete in the options spaceBullish to Offer Bitcoin Options Trading With Top-Tier Consortium of Trading Partners - CoinDesk^[1].

The announcement coincided with a 3% premarket rise in Bullish's stock price, driven by investor optimism about the expansion of its regulated derivatives ecosystem. The company, which owns CoinDesk and is licensed in the U.S., Germany, China Hong Kong, and Gibraltar, reported $2 billion in average daily trading volume in 2025. Institutional clients outside the U.S. can contact Bullish's sales team to begin onboardingBullish Stock Rises Premarket On Crypto Options Launch Plan — StockTwits^[2].

Industry analysts noted the timing aligns with growing demand for hedging tools, particularly as BlackRock's spot Bitcoin ETF gains traction. Bullish's Chris Tyrer stated the options suite "delivers a complete derivatives product suite with market-leading capital efficiency and risk mitigation," reflecting the platform's evolution from spot trading to futures and now optionsBullish to Offer Bitcoin Options Trading With Top-Tier Consortium of Trading Partners - CoinDesk^[1]. The product's settlement in USDC, a $73.85 billion stablecoin, also underscores Bullish's focus on regulatory compliance and dollar-pegged liquidityBullish to Offer Bitcoin Options Trading With Top-Tier Consortium of Trading Partners - CoinDesk^[1].