Kraken launches BTC and ETH options in Europe under MiFID license

As of October 26, 2026, eligible customers in the European Economic Area (EEA) can trade bitcoin and ether options on Kraken Pro, on web and mobile, according to the Kraken blog. These contracts are offered under MiFID license by the group’s Cypriot subsidiary, regulated by CySEC, after a suitability questionnaire. This article explains, with supporting figures, what an option is, what each strategy costs and what both the buyer and the seller really risk.

What has Kraken Pro been offering since October 26?

Kraken Pro adds options on bitcoin and ether to its European derivatives offering, opened thanks to the license obtained by its Cypriot subsidiary, as Tremplin.io explained when Kraken obtained the MiFID II license. Options are traded from the existing Derivatives account, without a new application or new credentials, according to the announcement published on the Kraken blog.

To access it, you must have activated the derivative products and then complete a suitability questionnaire, which verifies that you understand the product. Kraken specifies that geographic restrictions may apply: eligibility is confirmed in your customer area.

Characteristic	Options on Kraken Pro (EEA)
Underlyings	Bitcoin (XBT/USD) and ether (ETH/USD)
Style	European: exercise only at maturity
Regulations	Cash, linear, dollars
Deadlines	Weekly, monthly, quarterly, semi-annual
Collateral	More than 30 currencies, shared with Futures
Negotiation	Request for quotation (RFQ), up to 5 parts
Access	Activated derivatives and suitability questionnaire

How does an option work?

An option is a contract: the buyer pays an prime to obtain the right, and not the obligation, to buy (call) or sell (put) BTC or ETH at a fixed price, the exercise priceon a fixed date, the maturity. The call benefits from an increase, the put from a decrease. The basic operation is detailed in our file on crypto options.

The mechanism is similar to a non-refundable deposit: you pay to keep a price, and if you are no longer interested in the deal, you only lose the deposit. For the buyer, the maximum loss is therefore the premium, known from the opening.

For the seller, it’s the opposite. He collects the premium, but he must pay the difference if the market goes against him. “ If you sell an option, your losses can far exceed the deposited margin and be unlimited », Warns Kraken in the risk statements of its announcement (editor’s translation).

Three examples of use, with their cost

The figures below are fictitious and rounded to show the calculation. They do not reflect any actual rating and do not constitute a recommendation.

• Reduce the exposure of a BTC held (purchase of a put). You hold 1 BTC and buy a put at the strike price of $70,000 for a premium of $1,500. If BTC ends at $60,000, the put pays $10,000, or $8,500 after the premium. If it stays above $70,000, the bonus is lost. The put has a cost and does not eliminate market risk.
• Express a bullish view (purchase of a call). A call at a strike price of $90,000 costs a $2,000 premium. It only becomes a winner above $92,000 at expiration, the strike price plus the premium. Below $90,000, the bonus is lost in full.
• Position yourself on the amplitude rather than the direction (straddle). A call and put at the same strike price of $80,000 together cost $6,000. The straddle only wins if BTC finishes below $74,000 or above $86,000. Between the two, he loses, up to the entirety of both bonuses if the prize ends at $80,000.

On Kraken Pro, these positions are built in a single quote request: you compose the trade (up to five parts), you submit it, then you examine quotes valid for a limited time. Accepting a quote is binding.

What changes with the single account

Kraken highlights the organization of the account more than the product itself. Options share the same collateral as Futures, portfolio margin is enabled by default and the premium, gains, losses and settlement are all expressed in dollars, according to its announcement.

“What matters most in this launch, in our opinion, is the device, not the instrument. »

Kraken, official blog, “Options are now available on Kraken Pro in the EEA”, October 26, 2026 (editor’s translation)

There portfolio margin calculates the required margin on all positions, not position by position. Since October 16, Kraken has also offered a unified portfolio, as an option, which brings together Spot, margin and Futures. Its reverse side is written in black and white by Kraken: in cross margin, a losing position can draw on the entire eligible balance, whereas with separate portfolios a loss on a Future does not affect your Spot assets.

What are the risks before activating the options?

Kraken reiterates this in its announcement: options are complex instruments, which are not suitable for all investors. Three points are worth checking before the first trade:

1. Time is against the buyer. An option loses value as the expiration approaches if the price does not move: this is the time value.
2. The sale exposes you to uncapped losses. Selling a call or a put commits more than the premium received.
3. The collateral is common. With the Unified Wallet, a loss on derivatives can affect your Spot holdings.

The product is in its first phase. There Kraken international product page indicates that trading is currently taking place only by quotation request and that a central order book is planned, with no date announced. This launch continues the expansion of Kraken’s European range, following the arrival of Kraken Prop in May, and the question to follow will be that of liquidity: the number of market makers who respond to quote requests, and the spread between the prices offered.

Access options on Kraken Pro (suitability questionnaire required, eligible EEA customers).

Trading financial products involves significant risks and is not suitable for all investors. You could lose more than your initial investment. Visit our Risk Disclosure page on eu.kraken.com. Derivatives are provided by Payward Europe Digital Solutions (CY) Limited, regulated by the Cyprus Securities and Exchange Commission (CySEC), license no. 342/17.