Bullish clears longest-dated bitcoin options trade expiring in 2028

A bitcoin options contract expiring on January 28, 2028, just cleared on Bullish, making it the longest-dated options trade ever executed on a digital asset exchange. That’s roughly two and a half years of forward exposure to bitcoin’s price, the kind of time horizon that used to be reserved for traditional commodity and equity derivatives desks. From launch to second place in under a year Bullish, which trades on the NYSE under the ticker BLSH, launched its bitcoin options product on October 8, 2025. The initial offerings were modest: European-style options with tenors ranging from three weeks to three months, margined and settled in USDC with a multiplier of 1 BTC. By early 2026, the exchange had climbed to the second position globally for bitcoin options open interest, trailing only Deribit, the long-reigning king of crypto options. In the process, Bullish leapfrogged major competitors including OKX, Binance, and CME. Peak open interest during that stretch hit between $3B and $4B. Single-day trading volumes topped $1B, which represented roughly 20% of the entire global bitcoin options market. A consortium of top-tier market makers, including Galaxy Digital and Cumberland, has su...