Bitcoin ETF Options Now Tradable: Buckle Up, Traders!
Published Date: 8/12/2025
Notice
Summary
Cboe BZX Exchange is updating its rules to allow trading options on shares of the VanEck Bitcoin ETF, a new type of fund mainly traded on national exchanges. This change affects investors interested in Bitcoin-related options and takes effect immediately, making it easier and faster to trade these new options. No extra fees or delays are expected, so traders can jump in right away!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Options Allowed on VanEck Bitcoin ETF
The Exchange amended Rule 19.3(i)(4) to allow listing and trading of options on shares of the VanEck Bitcoin ETF, a Bitcoin-backed commodity ETF that is an NMS stock. The change permits options on this Fund Share to be listed and traded on the Exchange under the Fund Share rules.
25,000-Contract Position Limit Set
Options on the VanEck Bitcoin ETF will have position and exercise limits of 25,000 same-side option contracts. That limit is equivalent to 2,500,000 underlying shares, which is about 5.01% of the VanEck Bitcoin ETF's 49,900,000 outstanding shares (as of March 5, 2025).
Listed Options Offer Listed-Market Benefits
The Exchange states listed VanEck Bitcoin ETF options provide benefits over OTC trading, including enhanced efficiency in opening/closing positions, increased market transparency, and heightened counterparty creditworthiness because the Options Clearing Corporation (OCC) is issuer and guarantor of listed options.
Contract Specs: Settlement, Strikes, Increments
VanEck Bitcoin ETF options will be physically settled American-style and the Exchange may list weekly, monthly, quarterly, and LEAPS (12–39 months). Strike intervals will be $1 or greater when strikes are $200 or less and $5 or greater when strikes are over $200. Minimum price increments will be $0.05 when option price is under $3.00 and $0.10 when at or above $3.00 (with potential participation in penny programs under specified conditions).
Surveillance and Market-Misconduct Safeguards
The Exchange will apply its existing surveillance program to VanEck Bitcoin ETF options, use Intermarket Surveillance Group (ISG) information sharing (including CME surveillance), and rely on FINRA under a Regulatory Services Agreement; it may implement additional surveillance procedures as needed to monitor trading for manipulation.
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