Kraken has launched European-style, cash-settled options on bitcoin and ether for eligible professional and institutional clients on Kraken Pro. The contracts, now live via request-for-quote access, are USD-denominated and linear in structure — a combination Kraken argues has been absent from the crypto options market despite demonstrated institutional appetite.
The launch marks Kraken's formal entry into the options segment of digital asset derivatives, adding to an existing suite of spot and futures products. Eligible clients can access weekly, monthly, quarterly and semi-annual expiries at launch, with portfolio margin enabled by default across all positions in a unified wallet, the exchange said in a statement . Collateral is accepted in more than 30 currencies.
The design gap
The exchange is positioning the obstacle to crypto options growth as a product design problem, not a demand problem. The argument is that existing crypto options contracts — built primarily for crypto-native traders — have not matched the structure that professional and institutional investors use in traditional markets.
"Crypto options activity is still a fraction of what it is in traditional markets but the gap is closing as professional and institutional capital continues to move into digital assets," said Alexia Theodorou, director of derivatives at Kraken. "The existing options market in crypto has been built for a narrow slice of the trader base. Our offering broadens access through a straightforward, dollar-settled contract design that tracks the underlying asset directly."
The launch of regulated bitcoin ETF options in late 2024 demonstrated the scale of latent professional demand for options exposure in a dollar-settled format. Kraken's offering is an attempt to capture that demand through direct BTC and ETH exposure rather than through an ETF wrapper.
Contract structure and roadmap
All contracts are linear and USD-settled, with premium, P&L and settlement denominated in USD. Offsetting positions reduce margin requirements under the portfolio margin system. The initial access model is RFQ-only; Kraken plans to add a public order book in later phases as activity scales, alongside broader geographic access and additional asset coverage. European availability is targeted for the second half of 2026, subject to regulatory confirmation.
The offering joins Kraken's existing derivatives platform, which includes spot and futures in a single multi-collateral wallet — a structure the exchange argues reduces operational friction for traders who currently split activity across multiple venues.
