MIAX Sapphire Joins Bitcoin Options Trading Party Now
Published Date: 8/5/2025
Notice
Summary
MIAX Sapphire is updating its rules to let people trade options on the VanEck Bitcoin Trust, a popular Bitcoin investment fund. This change means investors can now buy and sell options tied to Bitcoin through MIAX starting right away. It’s a smart move to keep up with other exchanges and offer more ways to invest in Bitcoin without buying the actual coins.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Options on VanEck Bitcoin Trust Live Now
MIAX Sapphire amended its rules to list and trade options on the VanEck Bitcoin Trust, and the rule change became operative upon filing on July 30, 2025. This means investors who trade on MIAX can immediately buy and sell options tied to the VanEck Bitcoin Trust on that exchange.
Position and Exercise Limits Set at 25,000
The Exchange proposes a position and exercise limit of 25,000 contracts on the same side for options on the VanEck Bitcoin Trust. The 25,000-contract limit is the specific cap the Exchange set for this Fund.
Settlement, Expirations, and LEAPS Rules
Options on the Fund will be physically settled American-style and the Exchange will open at least one monthly expiration at commencement; weekly, monthly, quarterly series and LEAPS expiring 12 to 39 months may also be listed. Strike price intervals and additional strike programs will follow Exchange Rules 404 and 510.
Minimum Price Increments for Fund Options
The Exchange will apply minimum pricing increments for Bitcoin Fund options consistent with Exchange Rule 510: where the option price is less than $3.00 the minimum increment is $0.05, and where the option price is $3.00 or higher the minimum increment is $0.10. These increments will apply to new series listed for the Fund.
Surveillance, Clearing, and Market Protections
The Exchange will apply existing surveillance procedures and rely on information sharing through the Intermarket Surveillance Group (CME/ISG), FINRA regulatory services, and OCC clearing to monitor options on the Fund. The Exchange stated it has capacity and will implement any additional surveillance procedures it deems necessary to deter manipulation.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in