SEC Greenlights Bitcoin ETF Options: Crypto Bets Get Real
Published Date: 8/8/2025
Notice
Summary
Cboe EDGX Exchange is updating its rules to let traders buy and sell options on shares of the VanEck Bitcoin ETF, a popular Bitcoin fund traded on national exchanges. This change affects anyone trading options on the EDGX platform and takes effect immediately, opening new ways to invest in Bitcoin through options. No extra fees or delays are expected, just more choices for investors starting now!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
EDGX will list options on VanEck Bitcoin ETF
The Cboe EDGX Exchange filed to allow listing and trading of options on shares of the VanEck Bitcoin ETF. The filing was made August 4, 2024, and the VanEck Bitcoin ETF had 49,900,000 shares outstanding as of March 5, 2025 and 32,469 beneficial holders as of January 31, 2025.
Position and exercise limits set at 25,000 contracts
The Exchange will apply a position and exercise limit of 25,000 same-side option contracts for VanEck Bitcoin ETF options. At the March 5, 2025 share price of $25.60, exercising 25,000 contracts equates to 2,500,000 shares (about 5.01% of the 49,900,000 outstanding shares).
Listed options move trading from OTC to listed market
The Exchange notes listing VanEck Bitcoin ETF options gives investors an alternative to unregulated OTC options by providing a listed market with benefits such as enhanced efficiency in opening/closing positions, increased market transparency, and added counterparty creditworthiness through the Options Clearing Corporation (OCC).
Options will be physically settled and American-style
Options on the VanEck Bitcoin ETF will be physically settled contracts with American-style exercise. The Exchange may list series with weekly, monthly, quarterly expirations and long-term equity options (LEAPS) that expire 12 to 39 months after listing.
Strike intervals and minimum price increments defined
Strike price intervals for VanEck Bitcoin ETF options will be $1 or greater when the strike is $200 or less and $5 or greater when over $200. Minimum quoting increments will be $0.05 for option prices below $3.00 and $0.10 for prices $3.00 or higher; participation in the Penny Interval Program could set increments at $0.01 below $3.00 and $0.05 at or above $3.00.
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