Every week, a new weekly Bitcoin Warrant is created. The Call Warrant grants the right to purchase 0.01 BTC at the Strike Price upon weekly expiration. The Put Warrant grants the right to sell 0.01 BTC upon the weekly expiration. All Warrants are cash settled and automatically exercised.

Each Warrant has a capped maximum gain (from the purchaser's perspective) and, reciprocally, a determined maximum loss (for the writer). These caps are set to be 50% of the Warrant's Strike Price.

For example, if the strike price is 6000, an expiring Call Warrant grants the purchaser the right to buy 0.01 BTC for 60TUSD. If the value of the BTC Index is 6500, the purchaser of the Warrant will receive (6500 - 6000) * 0.01 or 5 TUSD. If the value of the BTC index is 9500, the purchaser of the Warrant receives only (9000 - 6000) * 0.01 or 30 TUSD as the cap for the Warrant would be set at 9000.

On the put side, if the Strike Price is 6000, the cap is set to 3000. Even if the BTC Index were to fall to 1000 at expiry, the purchaser of the Warrant would only receive (6000-3000) * 0.01 or 30TUSD.

Put another way, the caps set the maximum value of each Warrant contract at 50% times the Strike Price.

The Strike Price for each new Call and Put Warrant is set to the Final Settlement Value of the proceeding week's Warrants rounded to the nearest whole number. For example, if the Final Settlement Value was 6102.44, the new Call and Put Warrants would have a Strike Price of 6102.

Naming and Symbol Conventions

Bitcoin 26/10/18 210 Call
BTC Index
Valuation Unit

All symbols follow the syntax: <BTC><YY><MM><DD>('C' for Call, 'P' for Put)<Strike>


Cash settled in True USD; expires on the next Friday following listing at 10:00:00 AM CST.

Final Settlement Value

The Final Settlement Value is the value of the BTC Index at 10AM CST on Friday on the Settlement Day.

BTC Index

The BTC Index is calculated in real time by taking prices from Binance, OkEx, Huobi, Coinbase, Gemini, and Kraken. For reference pairs denominated in Tether, the pair is normalized by the USDT Index value. On each exchange, we calculate the Adjusted Mid Price by computing the simple average of the Liquid Bid and Liquid Ask as that time. The Liquid Bid and Liquid Ask are the prices at which there is liquidity to sell (or buy) 1 Bitcoin at that point in time in the exchange's order book. We drop the highest and lowest value, so the remaining 4 exchange each comprise 25% of the index value. 

If one or more of the price sources is not available, the BTC Index is derived from 3 out of 5, 2 out of 4 or 1 out of 3 of the remaining price sources, always leaving highest and lowest value out of the index. If there are only two available price sources, each comprise 50% of the BTC Index. When only one source remains, that source is the entirety of the BTC Index value.

USDT Index

The USDT Index is caclulated identically as above with the price sources being Binance, OkEx and Kraken. 


European-style with automatic exercise; options are executed, if applicable, against the Final Settlement Value on the Settlement Day (Friday 10AM CT). 

Trading Hours

Expiration Date
January 18th, 2018 10:00:00 AM CT
Listing Date
January 16th, 2018 11:00:00 AM CT
Trading Hours
11:00:00 AM CT - 10:00:00AM CT (T+1)

Contract Information

Contract Value
0.01 BTC
Tick Size
Low Cap Price
1806 TUSD
High Cap Price
5418 TUSD


The purchaser of a Warrant need only post the premium needed to pay for the Warrant. A seller (or writer) of the Warrant must post the difference of the premium and the maximum possible loss. For example, if the Warrant is the BTC181026C6000, the maximum loss is (9000 - 6000) * 0.01 or 30 TUSD. If the Warrant premium is 1 TUSD, the purchaser must tie up 1 TUSD of capital, while the seller must tie up 29 TUSD of capital. Upon expiration, if the Warrant expires worthless, the seller's capital is unfreezed and the seller receives the 1 TUSD from the purchaser.