INSUBCONTINENT EXCLUSIVE:
trading platform just days after Bitcoin peaked a year ago, the call options have a strike price of $50,000 and an expiry date of Dec
a less-than-ideal outcome for the buyer, but it may not be quite as bad as it seems.
Ari Paul, a cryptocurrency fund manager at BlockTower
In a December 2017 interview with CNBC, Paul said the trade allowed him to lock-in some profit, reduce exposure to market declines and
potentially earn a big payout if Bitcoin soared above $50,000.
When the options were purchased, causing a stir in crypto circles, Bitcoin
was trading at about $16,200
He later tweeted that the trade -- selling some of his Bitcoin holdings while buying the call options -- was profitable.
Paul, a former
BlockTower declined to comment.
LedgerX, the first U.S.-regulated Bitcoin options exchange, declined to identify the buyer or seller of the
calls but confirmed that the position, which has a notional value of $13.75 million, remains the biggest Bitcoin options trade to cross its
