Can a Cryptocurrency Derivative Be Structured as a Bermuda Option, and What Does That Mean?

Yes, a derivative can be structured as a Bermuda option, though it is less common than American or European styles. A Bermuda option is a hybrid: it can only be exercised on specific, predetermined dates between the purchase and expiration, not continuously like an American option.

This structure offers more flexibility than European but less than American, making it a middle ground for both parties.