Kraken Opens Bitcoin and Ether Options in EEA Countries Where It Offers Derivatives

Kraken opened Bitcoin (BTC) and Ether (ETH) options on Oct. 26 for eligible clients in EEA countries where it offers derivatives, adding two dollar-settled contracts to Kraken Pro.

Clients access the product through existing Derivatives accounts on Kraken Pro’s web and mobile platforms. Trading requires an appropriateness assessment and is limited to countries where Kraken offers derivatives.

The contracts are European-style, cash-settled and linear in U.S. dollars. They reference XBT/USD and ETH/USD, with weekly, monthly, quarterly and semiannual expiries.

Trading uses a request-for-quote system. Clients request a price for a trade of up to five legs, and quotes are available for a limited time. Accepting a quote commits the client to the transaction. The product does not use a public order book.

Portfolio margin is enabled by default, and more than 30 currencies can be used as collateral. The collateral is shared with Kraken’s futures products, allowing the same collateral pool to support options and futures positions.

Payward Europe Digital Solutions (CY) Limited provides the options under license No. 342/17 from the Cyprus Securities and Exchange Commission (CySEC). Ireland-based Payward Europe Solutions Limited serves as custodian for digital assets under the European Union’s Markets in Crypto-Assets framework. The options provider and custodian operate within separate regulatory permissions. Kraken obtained its EU MiFID authorization in 2025 through the acquisition of a Cypriot investment firm.

Options buyers can lose the full value of an option. Losses from selling options can exceed posted margin and may be unlimited. Margin requirements can change, and positions may be liquidated if an account falls below its requirement.

The launch follows Kraken’s July announcement of Bitcoin and Ether options for professional and institutional clients, which planned for European availability in the second half of 2026. Earlier in October, Kraken expanded futures collateral access with its unified wallet rollout for EEA futures traders.