SEC Unlocks Bitcoin Options on MIAX PEARL Exchange
Published Date: 8/5/2025
Notice
Summary
MIAX PEARL is updating its rules to let people trade options on the VanEck Bitcoin Trust, a fund tied to Bitcoin. This change means investors can now buy and sell options on this Bitcoin-related fund right away on MIAX PEARL. It’s a fresh move to keep up with other exchanges and offer more ways to invest in crypto without buying Bitcoin directly.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Options on VanEck Bitcoin Trust Now Listed
You can trade options on the VanEck Bitcoin Trust on MIAX Pearl beginning when the Exchange filed the rule change on July 30, 2025; the SEC waived the usual 30-day operative delay so the proposal became operative upon filing.
Listed Market Transparency and Clearing vs OTC
You may transact in listed VanEck Bitcoin Trust options on MIAX Pearl instead of in the unregulated over-the-counter (OTC) market, giving you exchange-based trading, increased market transparency, and counterparty guaranty through the Options Clearing Corporation (OCC).
American-Style Physical Settlement & Expirations
Options on the VanEck Bitcoin Trust will be physically settled, American-style contracts, and the Exchange may list series with weekly, monthly, quarterly expirations and long-term equity options (LEAPS) that expire from 12 to 39 months.
25,000-Contract Position & Exercise Limit
The Exchange proposes position and exercise limits for options on the VanEck Bitcoin Trust of 25,000 contracts on the same side of the market.
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