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The U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of options for asset manager BlackRock's spot Bitcoin exchange-traded fund (ETF) on Nasdaq.According to a notice from the SEC on Friday, options trading for BlackRock's iShares Bitcoin Trust, with the ticker symbol "IBIT," has received the green light.These index options—derivatives that provide a cost-effective and efficient way to gain increased exposure to Bitcoin—will offer institutional investors and traders an alternative method to hedge their exposure to the world's largest cryptocurrency.The approval of options tied to a Bitcoin ETF marks another significant milestone for cryptocurrency, which was once seen as a niche asset class.Cryptocurrency has steadily moved toward mainstream acceptance, especially following the launch of Bitcoin ETFs earlier in the year.Options give their holders the right to buy or sell an asset, such as a stock or exchange-traded product, at a predetermined price by a specific date.Exchanges began applying for spot Bitcoin ETF options as soon as it became clear that the SEC would approve the underlying ETFs in January.The SEC oversees technical rule changes that exchanges must implement in order to list options. The regulator also confirmed that its existing surveillance procedures will apply to IBIT options.