PANews reported on May 23 that, according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has approved Nasdaq to list an index options product based on Bitcoin prices. This product is a European-style option, benchmarked against the CME Bitcoin Real-Time Index, and cash-settled. It allows investors to directly bet on or hedge Bitcoin price fluctuations in the stock market without needing to hold Bitcoin or a Bitcoin ETF. The product still requires approval from the U.S. Commodity Futures Trading Commission before its official listing.