Kraken Launches BTC and ETH Options in Europe Under MiFID License

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

What does Kraken Pro offer since October 26?

Kraken Pro adds options on bitcoin and ether to its European derivatives product offering, enabled by the license obtained by its Cypriot subsidiary, as Cointribune explained when Kraken obtained the MiFID II license. Options are traded from the existing Derivatives account, without a new app or new credentials, according to the announcement posted on Kraken’s blog.

To access it, you must have activated derivatives 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 client area.

Feature	Options on Kraken Pro (EEA)
Underlying assets	Bitcoin (XBT/USD) and ether (ETH/USD)
Style	European: exercise only at expiration
Settlement	Cash, linear, in dollars
Maturities	Weekly, monthly, quarterly, semiannual
Collateral	More than 30 currencies, shared with Futures
Trading	Request for quote (RFQ), up to 5 legs
Access	Derivatives activated and suitability questionnaire

How does an option work?

An option is a contract: the buyer pays a premium to obtain the right, but not the obligation, to buy (call) or sell (put) BTC or ETH at a fixed price, the strike price, on a set date, the expiration. The call benefits from an increase, the put from a decrease. The basic functioning is detailed in our file on crypto options.

The mechanism resembles a non-refundable down payment: you pay to lock in a price, and if the deal no longer interests you, you lose only the down payment. For the buyer, the maximum loss is thus the premium, known from the start.

For the seller, it is the opposite. They collect the premium but must pay the difference if the market moves against them. “If you sell an option, your losses can exceed the margin deposited by far and be unlimited,” warns Kraken in the risk disclosures of their announcement (editorial translation).

Three usage examples, with their cost

The figures below are fictitious and rounded to show the calculation. They do not reflect any real quotes and are not a recommendation.

• Reduce exposure of one held BTC (buying a put). You hold 1 BTC and buy a put with a strike price of $70,000 for a premium of $1,500. If BTC ends at $60,000, the put pays $10,000, i.e. $8,500 after the premium. If it remains above $70,000, the premium is lost. The put has a cost and does not eliminate market risk.
• Express a bullish view (buying a call). A call with a strike price of $90,000 costs $2,000 premium. It only profits above $92,000 at expiration, the strike price plus premium. Below $90,000, the premium is lost in full.
• Position on volatility rather than direction (straddle). A call and a put at the same strike price of $80,000 cost together $6,000. The straddle profits only if BTC ends below $74,000 or above $86,000. Between the two, it loses, up to the total of both premiums if the price ends at $80,000.

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

What changes with the single account

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

“What matters most in this launch, in our opinion, is the framework, not the instrument.”

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

Portfolio margin calculates margin required over all positions combined, not position by position. Kraken also offers since October 16 an optional unified portfolio that combines Spot, margin, and Futures. Its downside is written clearly by Kraken: in cross margin, a losing position can draw from the entire eligible balance, whereas with separate portfolios, a loss on a Future does not affect your Spot holdings.

What risks before activating options?

Kraken reminds in its announcement: options are complex instruments, not suitable for all investors. Three points deserve to be checked before the first trade:

1. Time works against the buyer. An option loses value as expiration approaches if the price doesn’t move: this is time value.
2. Selling exposes to unlimited losses. Selling a call or a put commits you beyond the premium received.
3. Collateral is shared. With the unified portfolio, a loss on derivatives can affect your Spot holdings.

The product is in its first phase. The Kraken international product page indicates that for now trading is only via request for quote and that a central order book is planned, with no announced date. This launch extends Kraken’s European range, following the arrival of Kraken Prop in May, and the question to follow will be liquidity: the number of market makers who answer RFQs and the spread between offered prices.

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

 Trading financial products involves significant risks and is not suitable for all investors. You could lose more than your initial investment. Consult 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.