MIAX Pushes Options Trading for Crypto Commodity Trusts
Published Date: 12/23/2025
Notice
Summary
Miami International Securities Exchange (MIAX) wants to update its rules to allow options trading on Commodity-Based Trust Shares, including those holding crypto assets. This change means more investment choices for traders, with new safety checks like surveillance agreements to keep things fair. The proposal was filed in December 2025 and is now open for public comments before it can take effect.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Options Allowed on Single-Coin Crypto ETFs
The Exchange will allow listing and trading of options on Commodity-Based Trust Shares that hold only a single crypto asset. MIAX filed this proposal on December 4, 2025 and the rule text permits such options once the ETF meets the primary listing market's generic listing standards.
$700M Market-Value Listing Threshold
To list options, a Commodity-Based Trust's underlying crypto asset must have an average daily market value of at least $700,000,000 over the last 12 months. The market value is calculated as total global supply currently issued multiplied by the token price (excluding unissued supply).
Surveillance Agreement Requirement
The crypto asset held by the Commodity-Based Trust must underlie a derivatives contract that trades on a market with which MIAX has a comprehensive surveillance sharing agreement, either directly or via Intermarket Surveillance Group (ISG) membership. MIAX cites existing ISG-related agreements with markets such as CME and Coinbase Derivatives as examples.
Immediate Listing Once Criteria Met
If a Commodity-Based Trust meets the applicable primary listing market's generic listing standards and the new MIAX criteria (including the $700 million market-value test and surveillance requirement), MIAX may list options on that trust without additional Commission approvals. MIAX filed the proposed rule change on December 4, 2025 and the Commission designated it operative upon filing.
Options Subject to Existing ETF Rules
Options on qualifying Commodity-Based Trusts will trade under the Exchange's existing ETF options rules, including expirations (weekly, monthly, quarterly, LEAPS), strike-price intervals, minimum increments, position and exercise limits, and margin requirements. The largest ETFs can have position/exercise limits of 250,000 contracts, with smaller ETFs having limits of 200,000, 75,000, 50,000, or 25,000 contracts as applicable.
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