Core Insights - Bullish, a digital assets platform listed on NYSE and parent company of CoinDesk, is set to launch crypto options trading on October 8 [1] - The options will be margined and settled in USDC, a stablecoin with a market cap of $73.85 billion, and will feature European-style options with expiries from three weeks to three months [2] - The exchange plans to expand its offerings to include options tied to ether and other indices, reflecting a broader industry trend towards increased demand for hedging instruments in the crypto market [3] Company Developments - Bullish is significantly investing in its institutional offerings, evolving from spot trading to include margin, perpetual, and dated futures, culminating in the introduction of options [4] - The new options product aims to provide a comprehensive derivatives suite that enhances capital efficiency and risk mitigation, accessible through a unified trading account [4] Product Features - Options are derivative contracts that allow the holder the right to buy or sell an asset at a predetermined price within a specified timeframe, with call options indicating a bullish market stance and put options providing downside protection [5] - The unique aspect of options trading is its ability to facilitate three-dimensional trading, enabling traders to speculate on price direction, volatility, and time to expiration, thus allowing for more tailored risk management strategies [6] Market Collaboration - Bullish's options have been developed in collaboration with leading options market makers, technology providers, and brokers to cater specifically to the needs of institutional investors [7]

Company Overview - Figure Technologies is a blockchain lender that has begun trading on Nasdaq under the ticker symbol "FIGR" after raising $787.5 million through an initial public offering (IPO) [1] - The company sold 31.5 million shares at $25 each, valuing Figure at $5.29 billion with 211 million shares outstanding [2][3] - Figure claims to be the largest non-bank provider of home equity financing, having originated $16 billion in home loans since its inception in 2018 [4] IPO Details - The IPO was upsized from an initial target range of $20 to $22 per share for 26 million shares, indicating strong demand [2][3] - Figure itself raised $587 million from the IPO, as it is not receiving proceeds from shares sold by existing investors [3] - The lead underwriters for the IPO included Goldman Sachs and BofA Securities [3] Market Position and Technology - Figure utilizes a blockchain-based platform to facilitate lending, allowing for quicker approval and funding for home equity lines of credit (HELOC) [5] - The company has $11.7 billion in outstanding loans represented on-chain, significantly higher than its competitors, Tradable and Maple Finance, which have $2.1 billion and $1.2 billion in loans, respectively [5] - Figure's HELOC loans are represented by tokens that rank among the largest cryptocurrencies by market capitalization, currently valued at $12.5 billion [6]

Core Insights - Swiss asset manager 21Shares has launched a new exchange-traded product (ETP) linked to dYdX's native token, DYDX, aimed at providing regulated access to a major decentralized derivatives protocol [1][2] - The new ETP allows investors to buy and sell exposure to digital assets on stock exchanges, with a focus on institutional-grade access to decentralized exchanges offering perpetual futures contracts [3][5] Group 1 - The dYdX ETP began trading this week, supported by the dYdX Treasury subDAO and operated by kpk, marking an extension of 21Shares' DeFi-focused product range [1][3] - dYdX has achieved over $1.4 trillion in cumulative trading volume across 230 perpetual markets, although institutional participation has faced challenges due to custody and compliance issues [2] - The product is designed to ensure liquidity and efficient pricing through market maker Flow Traders, with daily creations and redemptions to maintain alignment with net asset value [4] Group 2 - The ETP suite from 21Shares, including products for Aave, ChainLink, and Uniswap, aims to provide investors with the ability to allocate selectively or holistically to key components of DeFi infrastructure [4] - The introduction of the dYdX ETP reflects the ongoing evolution of DeFi, allowing decentralized derivatives to be packaged into transparent, exchange-traded products [5] - The CEO of the dYdX Foundation emphasized that the new product empowers institutions to leverage DYDX's technology, which is redefining the $28 trillion crypto derivatives market [5]

Market Expansion & Product Offering - Coinbase finalizes acquisition of Deribit, aiming to become the most comprehensive global crypto derivatives platform [1] - The acquisition enables Coinbase to offer a complete range of trading products, including spot, futures, perpetuals, and options, on a unified platform [2] - Coinbase enhances its ability to scale globally, offering deeper liquidity and broader participation in international markets [2] Financial Performance & Revenue Opportunity - Deribit's trading volumes surpassed $185 billion in July 2025, with approximately $60 billion in current open interest [1][2] - Deribit generated over $30 million in transaction revenue in July 2025 alone [3] - Coinbase anticipates Deribit will be Adjusted EBITDA accretive immediately after the deal closes [4] Operational & Strategic Implications - Deribit is expected to add approximately $10 million to Coinbase's technology, development, and administrative costs in Q3 2025 [4] - Coinbase aims to lead the next wave of innovation in the derivatives space through this acquisition [3] - Coinbase aims to strengthen its position against growing global competition in the derivatives market by integrating Deribit's infrastructure and user base [4]

Market Position - LBank's Derivatives platform has reached the 4 position on @coingecko's leaderboard [1] Community & Support - The company attributes its success to the support of its community [1] Future Goals - The company aims to achieve even higher rankings [1]

Partnerships & Market Share - Bitget 与 Bitcoin.com News 合作，旨在揭秘加密货币衍生品 [1] - Bitget 的市场份额攀升至 7.2% [1]

Market Trends & Industry Dynamics - Crypto derivatives trading surged to $58.5 trillion [1] Company Performance & Growth - Bitget's futures AUM doubled [1] - Bitget achieved a 7.2% market share [1] - Bitget highlights AI tools and institutional growth [1] Educational Initiative - Bitget and BTCTN co-released "Crypto Derivatives 101," an educational report simplifying futures, perps, and options for beginners [1] Competitive Landscape - The report compares CEX vs DEX use cases [1]

Funding Announcement - D2X_Official, a regulated crypto derivatives exchange, has raised $5 million [1] Investors - The strategic round saw investment from CMT Digital, Circle Ventures, Fortino Capital, p72vc, GSR_io, Tioga Capital, and Canton Network [1]

Regulatory Approval - OKX 成为阿联酋首家获得零售衍生品许可的全球交易所 [1] - 受监管的加密货币衍生品已在阿联酋上线，仅在 OKX 平台提供 [1] Product Offering - 提供高达 5 倍杠杆的期货、永续合约和期权交易 [1]

Regulatory Compliance - OKX becomes the first global exchange to offer regulated retail crypto derivatives in UAE under VARA framework [1] Market Expansion - The move signifies OKX's expansion into the UAE market [1] Industry First - OKX is the first global exchange to achieve this milestone in the UAE [1]