Bitnomial Reports Q1 2024 Record Volume and Open Interest, Options Launch, and FCM Launch

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Apr 11, 2024, 10:00 ET

Q1 2024 Highlights:

Volume grew 193% quarter over quarter to over $50M.
Open interest grew 206% quarter over quarter to $27.5 million.
Launched options trading making Bitnomial the only leveraged, physically settled crypto options Exchange in the US.
Executed the first trade under the newly created wholesale clearing futures commission merchant, or "FCM".

CHICAGO, April 11, 2024 /PRNewswire/ -- Bitnomial, a CTFC-regulated digital asset derivatives exchange, clearinghouse, and settlement business, today announced metrics for the quarter that ended March 31, 2024 in addition to highlighting the expansion of its Bitcoin Product Complex and clearing services.

"Throughout this quarter, we've witnessed record-breaking trading volumes and open interest in our physical crypto derivatives contracts. Additionally, the introduction of our wholesale clearing FCM and physical options trading has been met with unprecedented demand, particularly from institutional clients. We're thrilled by the enthusiastic reception of these new offerings," stated Luke Hoersten, Founder and CEO of Bitnomial. "Building upon the significant Clearinghouse approval granted by the CFTC last quarter, we anticipate exponential growth on our platform as we execute our vision for revolutionizing derivatives trading in the US."

Last December, Bitnomial subsidiary, Bitnomial Clearinghouse, was granted a US clearinghouse license to clear margined futures and options trades. This milestone made Bitnomial the first and only exchange to be granted a full set of US derivatives exchange (DCM), clearinghouse (DCO), and brokerage (FCM) licenses.

In January of 2024, Bitnomial executed the first Bitcoin options trade on the exchange making Bitnomial the only US exchange to offer leveraged physical crypto options trading. Bitnomial executed over $20M in options volume in the first quarter offered.

Later in Q1, Bitnomial completed its first trade under its newly launched wholesale FCM business, Bitnomial Clearing, which offers institutional brokers additional collateral management services alongside the product offerings available on Bitnomial Exchange. This new business line opens a totally new distribution channel for physical crypto trading in the US and offers federally regulated digital asset clearing services that bridge the gap of institutionally focused services for the digital asset markets.

Most recently, Bitnomial announced the first US-listed Hashrate futures in partnership with Bitcoin mining software and services company, Luxor Technology Corporation. This offering was created to give miners and institutional investors a sorely needed tool to hedge mining-related risks, while also giving investors access to an exchange-traded derivative tracking Bitcoin mining hashrate.

The exchange witnessed a 206% quarter-over-quarter and 7499% year-over-year growth in average notional open interest. Increasing open interest demonstrates the continued demand around the spot Bitcoin ETF approval in January. The spot ETFs are buying bitcoin faster than it is being mined, creating a supply crunch, which is expected to increase with the upcoming Bitcoin Halving. Bitnomial uniquely capitalizes on this increased demand for the underlying asset by being the only federally regulated exchange to offer physically settled and leveraged crypto derivatives.

About Bitnomial

Bitnomial, Inc. develops and operates exchange, clearing, and settlement infrastructure, connecting native digital asset hedgers with institutional traders. Bitnomial subsidiaries are registered with the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Futures Commission Merchant (FCM).

Media Contact

M Group Strategic Communications (for Bitnomial)
[email protected]

SOURCE Bitnomial Inc.