MIAX Eyes Bitcoin Options: Crypto Trading Gets Legit Boost
Published Date: 4/21/2025
Notice
Summary
Miami International Securities Exchange (MIAX) wants to start trading options on the VanEck Bitcoin Trust by updating some of its rules about what securities can be traded and how many options traders can hold or exercise. This change affects investors interested in Bitcoin-related options and could open new ways to trade crypto assets starting soon after approval. It’s a big step toward mixing traditional options trading with the exciting world of Bitcoin!
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Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Listed Options on VanEck Bitcoin Trust
On April 1, 2025 MIAX filed to allow listing and trading of options on the VanEck Bitcoin Trust. The Exchange says these options will be physically settled, American-style, and it will open at least one expiration month at commencement; it may also list weekly, monthly, quarterly series, and LEAPS that expire 12 to 39 months from listing.
25,000-Contract Position and Exercise Cap
MIAX proposes a position limit of 25,000 same-side option contracts for the Trust and exercise limits equivalent to that position limit. If all were exercised, those options would represent 2,500,000 Trust shares, which is 5.01% of the Trust's 49,900,000 outstanding shares as reported on March 5, 2025.
Strike Intervals and Minimum Increments
The Exchange will use its standard strike price intervals and minimum increments for Trust options. For short-term/weekly programs the Exchange may use $0.50 intervals below $100, $1 intervals between $100 and $150, and $2.50 or greater above $150. Under Exchange Rule 510, where the option price is less than $3.00 the minimum increment is $0.05, and where the price is $3.00 or higher the minimum increment is $0.10.
Surveillance, Clearing, and Market Protections
MIAX will apply its existing surveillance program to Trust options, has access to affiliate surveillances, participates in the Intermarket Surveillance Group, and uses a Regulatory Services Agreement with FINRA. The Exchange and OCC will provide listed-market clearing and surveillance that the Exchange says helps detect and deter manipulation.
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