Anchorage Digital applies to become a CFTC swap dealer for bitcoin and ether options
The first federally chartered crypto bank wants to put its institutional options desk under the Dodd-Frank dealer regime. Corporate bitcoin and ether treasuries are driving the demand, the firm says.
TL;DR
- Anchorage Digital Swap Dealer, LLC has submitted an application to the National Futures Association for swap dealer registration with the CFTC, Anchorage said on Nov. 5, 2026.
- If approved, the entity expects to offer European-style bitcoin and ether options with maturities of up to one year, CEO Nathan McCauley told The Block.
- Anchorage says much of its options growth has come from public companies holding bitcoin and ether on their balance sheets, plus asset managers and funds.
- No timeline was given: "We aren't in a position to speculate on timing," McCauley said.
Crypto derivatives for institutions are moving onto Wall Street's rulebook. Anchorage Digital said on Nov. 5, 2026 that its subsidiary Anchorage Digital Swap Dealer, LLC has submitted an application to the National Futures Association (NFA) for swap dealer registration with the Commodity Futures Trading Commission (CFTC). The Block first reported the filing.
What Anchorage wants to offer
If the application is approved, the entity expects to offer European-style options on bitcoin and ether with maturities of up to one year, CEO and co-founder Nathan McCauley told The Block. More products would follow, subject to internal approval and regulatory requirements. Clients would trade with a CFTC-registered counterparty alongside Anchorage's existing custody services.
Swap dealer registration is the CFTC's framework for firms that make markets in swaps, covering capital, risk management, margin, confirmations, reporting and treatment of counterparties. Anchorage notes it is the same framework the Dodd-Frank Act applied to the banks and dealers behind the interest rate, credit and FX markets.
"Institutions have been clear about what they want from digital asset derivatives: a counterparty they can underwrite, documentation their legal teams already know, and margin and reporting that fit the way they run risk everywhere else." – Nathan McCauley, Anchorage Digital
Who is driving demand
According to Anchorage, much of its options growth has come from public companies that hold bitcoin and ether on their balance sheets, and from asset managers and funds using options to manage that exposure. McCauley declined to give The Block trading volumes or growth figures, and offered no estimate for when the NFA review will finish. "We aren't in a position to speculate on timing," he said.
Anchorage Digital Bank, N.A. became the first federally chartered digital asset bank in 2021 and is regulated by the Office of the Comptroller of the Currency.
What it means for crypto and Web3 teams – Analysis
Corporate crypto treasuries have grown into a client segment big enough to justify a regulated dealer. That matters for every project courting institutions: buyers increasingly expect hedging tools, standard documentation and a counterparty their lawyers recognize, not just custody. It also shows where the plumbing is heading, toward bank-style regulation on the derivatives side as well. This is not investment advice.
FAQ
What did Anchorage Digital apply for?
Its subsidiary Anchorage Digital Swap Dealer, LLC submitted an application to the National Futures Association for swap dealer registration with the CFTC, announced Nov. 5, 2026.
What products are planned?
If approved, European-style bitcoin and ether options with maturities of up to one year, with more products later, CEO Nathan McCauley told The Block.
When will registration be complete?
No timeline was given. The NFA is reviewing the application, and McCauley said the firm is not in a position to speculate on timing.
Who uses Anchorage's options business?
Anchorage says much of its growth comes from public companies holding bitcoin and ether on their balance sheets, plus asset managers and funds hedging exposure.
Sources
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