MIAX Sapphire Greenlights iShares Ethereum Options Listings
Published Date: 4/17/2025
Notice
Summary
MIAX Sapphire is updating its rules to let people trade options on the iShares Ethereum Trust, a popular crypto-related investment. This change affects investors who want more ways to trade Ethereum-linked products and kicks in right away with no extra fees. It’s a smart move to keep up with other exchanges and offer fresh trading choices.
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Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Options on iShares Ethereum Trust Allowed
MIAX Sapphire amended Exchange Rule 402 to allow listing and trading of options on the iShares Ethereum Trust. The Exchange filed the proposed rule change on April 9, 2025 and requested it be operative immediately upon filing, so trading may begin under Exchange rules as of that filing.
Surveillance and Market Safeguards Apply
The Exchange will apply its existing surveillance procedures to options on the Trust and expects to use intermarket surveillance sharing (including ISG/CME data and FINRA arrangements under a 17d-2 plan) to help detect manipulation. The Exchange states it will implement any additional surveillance it deems necessary.
Position and Exercise Limits Set
The Exchange proposes position and exercise limits for options on the iShares Ethereum Trust of 25,000 contracts on the same side. The 25,000-contract limit is the proposed limit that would apply to this class of ETF options.
How Trust Options Will Trade and Price
Options on the iShares Ethereum Trust will be physically settled American-style contracts and may be listed for weekly, monthly, quarterly, or long-term expirations (LEAPS of 12 to 39 months). Minimum quoting increments will be $0.05 for option prices under $3.00 and $0.10 for option prices $3.00 or higher.
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