BOX Exchange Crafts New Rules for Crypto Trust Options
Published Date: 11/24/2025
Notice
Summary
BOX Exchange is updating its rules to allow options trading on Commodity-Based Trust Shares, like those holding crypto assets. They’re adding new rules to make sure these trusts meet extra safety checks, including sharing info to prevent fraud. This change is effective immediately, so traders and investors can expect new opportunities and protections right away.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Options Allowed on Crypto Trust Shares
BOX may list and trade options on Commodity-Based Trust Shares that meet the generic listing criteria of the trust's primary U.S. equities listing market and that hold only a single crypto asset. This change permits market participants to trade and hedge positions in qualifying crypto-asset trusts on BOX under the Exchange's existing options rules.
Liquidity Cutoff: $700M Token Market Value
To qualify for options listing, a Commodity-Based Trust's underlying crypto asset must have a total global supply with an average daily market value of at least $700 million over the last 12 months. The Exchange will calculate market value as total global supply multiplied by token price (total supply excludes unissued tokens).
Derivatives Market Surveillance Requirement
A qualifying Commodity-Based Trust must hold a crypto asset that underlies a derivatives contract trading on a market with which BOX has a comprehensive surveillance sharing agreement, directly or through common ISG membership. The filing notes BOX currently has such arrangements (through ISG) with markets including the CME and Coinbase Derivatives.
Rule Change Effective Immediately
The Exchange filed the proposed rule change on November 14, 2025, and the SEC waived the usual 30-day operative delay, designating the proposal operative upon filing. That means BOX can immediately list and trade qualifying options under the amended Rule 5020 without waiting 30 days for the rule to become operative.
Revert and List Specific ETF Trusts
BOX is reverting Rule 5020(h)(iv) to previous text that explicitly lists specific trusts (for example, SPDR Gold Trust, iShares COMEX Gold Trust, iShares Bitcoin Trust, Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, Fidelity Ethereum Fund, and others). Those named trusts are carried forward in the rule text as examples of covered Commodity-Based Trusts.
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