Crypto exchange Bullish has expanded its integration with Ripple Prime to give institutional clients direct access to Bitcoin options trading, adding to existing spot, perpetual and futures connectivity through the platform’s prime brokerage network.
The integration connects Ripple Prime users to Bullish’s regulated Bitcoin (BTC) options markets, allowing trades to be funded through existing sub-accounts without additional onboarding, with stablecoins such as Ripple USD (RLUSD) supported as collateral.
RLUSD is a US dollar-pegged stablecoin designed for payments, settlement and use as collateral in digital asset markets. It has a market capitalization of about $1.57 billion, according to DeFiLlama data.
Ripple USD market cap. Source: DefiLlama
The companies said they plan to support cross-venue margin access, which would allow institutions to manage collateral across exchanges and OTC desks from a single account to improve capital efficiency.
Ripple Prime is the company’s institutional prime brokerage platform, formed after its $1.25 billion acquisition of crypto prime broker Hidden Road in 2025. It offers multi-asset brokerage, clearing and financing services and cleared more than $3 trillion in volume in 2025, according to the announcement.
Bullish said its Bitcoin (BTC) options venue ranks among the largest by open interest for crypto-settled contracts. The integration is now live, allowing Ripple Prime clients to begin accessing options markets immediately.
Shares of Bullish have declined sharply over the past year, falling more than 60% from their peak in September and trading around $36.58 at the time of writing. The stock was down roughly 8% in early trading on the day, per Yahoo Finance data.
Source: Yahoo Finance
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Bitcoin options gain traction as institutions seek risk management tools
Bitcoin’s volatility has made options, which give traders the right to buy or sell an asset at a set price, an increasingly important tool for hedging and trading price swings.
In August 2025, Coinbase finalized its acquisition of Deribit, bringing the largest crypto options venue under its umbrella as part of a broader push to offer spot, futures and options trading on a single platform.
Some corporate Bitcoin holders are also beginning to move beyond passive exposure toward more active risk management using derivatives.
Last week, Nakamoto, a Nasdaq-listed company focused on building a Bitcoin treasury strategy, said it has been running an actively managed derivatives program since early 2026, using BTC as collateral for options-based strategies designed to generate income from volatility while hedging downside risk.
Over the past year, Bitcoin options markets have remained consistently large, with total open interest standing at about $32.8 billion as of late April 2026, up slightly from roughly $30.8 billion a year earlier and peaking above $50 billion during periods of heightened activity, according to CoinGlass data.
Total Bitcoin options open interest. Source: CoinGlass
Trading is heavily concentrated on Deribit, which accounts for the majority of Bitcoin options open interest, while smaller shares are distributed across venues including CME Group, OKX, Binance and Bybit.
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