They're almost the same thing - but only if settlement date of the options coincides with that of the underlying future.
Absolutely correct!
I had this expiry equivalence baseline assumption. Having montlhy future expiry, I tought these are dense enlough (do we really need weekly expiry options?)
I agree on the "recycling" bit, but but... they must have hard btc because of physical settlement... so where does the need to recycle come from?
I mean they wanted to "recycle" something on the regulatory/pospects/ authorisation material. Not the bitcoin themselves. Easier to have the oiption end up in an already authorised product to get them faster on the market. I guess.
Edit: I saw the message from Javi on the choice between physical or cash settlement of the options. I don’t know his source, but it looks very odd to me, but everything is possible.
If I know more, I will let you know.
This choice is a bit fishy. Fractional reserves maybe? Tu quoque, Bakkt?
I really don't know.
I unleashed my spies in the financial system to have thios mistery solved for you, fellow mates.
