The Globe and Mail reports in its Wednesday edition that Nasdaq is seeking the green light from regulators to launch and trade options on a bitcoin index. A Reuters dispatch to The Globe says that the U.S. Securities and Exchange Commission has yet to approve options based on any of the individual exchange-traded funds tied to spot bitcoin prices that made their debut in January, including a Nasdaq application to trade options on BlackRock's $21.3-billion (U.S.) iShares Bitcoin Trust ETF. The proposed index options on a bitcoin index would give institutional investors and traders an alternative way to hedge their exposure to the world's largest cryptocurrency. "It's important for options on bitcoin to be available for this asset class to be fully normalized," said Matt Hougan at Bitwise, one of the asset managers that brought bitcoin ETFs to market this year. "We're missing a part of the liquidity picture that ETF options would provide." Options offer traders a cheap way to amplify their purchasing power, while institutional investors use them to hedge risk. The proposed Nasdaq Bitcoin Index Options would track the CME CF Bitcoin Real-Time Index, developed by CF Benchmarks to track bitcoin futures and options contracts.