The institutional exchange Bullish has cleared a bitcoin options contract with an expiration date of January 28, 2028. This transaction represents the longest-dated options trade ever executed on a digital asset platform, providing approximately two and a half years of forward price exposure.
Bullish, which trades on the NYSE under the ticker BLSH, introduced its bitcoin options product on October 8, 2025. Initially, the platform offered European-style options with tenors between three weeks and three months, settled in USDC with a 1 BTC multiplier.
By early 2026, Bullish secured the second position globally for bitcoin options open interest, surpassing competitors such as OKX, Binance, and CME. During this period, peak open interest reached between $3 billion and $4 billion, while daily trading volumes exceeded $1 billion.
Liquidity on the exchange is supported by market makers including Galaxy Digital and Cumberland. The platform utilizes a unified margin system, allowing traders to manage spot, futures, and options positions using a single collateral pool.
In May 2026, Bullish integrated its options data with analytics platforms Laevitas and The Block. This move allows institutional traders to monitor Bullish alongside other major exchanges like Deribit and CME for price discovery and volatility analysis.
