MIAX PEARL Greenlights Options on Top Ethereum Investment Funds
Published Date: 4/17/2025
Notice
Summary
MIAX PEARL is updating its rules to let people trade options on three popular Ethereum-related funds: the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and the Bitwise Ethereum ETF. This change means investors can now use options to bet on or protect their investments in these crypto funds starting right away. If you’re into trading or crypto, this opens up fresh ways to play the market with Ethereum funds.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Options Allowed on Three Ether Funds
On April 11, 2025 MIAX PEARL filed a rule change to allow the Exchange to list and trade options on the Grayscale Ethereum Trust (ETHE), the Grayscale Ethereum Mini Trust (ETH), and the Bitwise Ethereum ETF (ETHW). Trading in those options will not begin until The Options Clearing Corporation (OCC) represents it can fully clear and settle such options.
Customer Disclosures and Suitability Required
Before trading options on the Ether Funds, customers must receive appropriate disclosure and brokers opening accounts or recommending these options must comply with customer suitability standards under the Exchange's rules (MIAX Rules 1307(b) and (e), and MIAX Rule 1309).
Position/Exercise Limits Proposed at 25,000
MIAX PEARL proposes that position and exercise limits for options on each Ether Fund be 25,000 contracts on the same side of the market pursuant to proposed Interpretation and Policy .01 to MIAX Rules 307 and 309.
Contract Terms: Settlement, Strikes, Increments, Expirations
Options on the Ether Funds will be physically settled American-style; the Exchange will open at least one expiration month at commencement and may list weekly, monthly, quarterly, or LEAPS (12–39 months). Strike intervals will be $1 for strike prices $200 or less and $5 for strikes over $200, and minimum price increments will be $0.05 when an option's price is less than $3.00 and $0.10 when the price is $3.00 or higher (with participation possible in penny-strike programs as applicable).
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