MIAX Pearl Unlocks Options Trading on Crypto Commodity Shares
Published Date: 12/23/2025
Notice
Summary
MIAX Pearl wants to update its rules so traders can buy and sell options on Commodity-Based Trust Shares, including those holding crypto assets. This means more trading choices for investors, with new safety checks like surveillance agreements to keep things fair. The change was proposed in December 2025 and could open fresh opportunities without extra costs right away.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Options on single-crypto ETFs allowed
MIAX Pearl may list and trade options on Commodity-Based Trust Shares that hold only a single crypto asset, once the ETF meets the applicable primary listing market's generic listing standards. The Exchange can list qualifying options immediately upon meeting the listing criteria (the proposal was filed December 5, 2025).
Crypto asset $700M market-value rule
To qualify for options listing under the new rule, the total global supply of the crypto asset held by the Commodity-Based Trust must have an average daily market value of at least $700 million over the last 12 months. The Exchange will calculate market value as total issued supply multiplied by the token price.
Derivatives market surveillance requirement
A crypto asset held by a 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 common membership in the Intermarket Surveillance Group (ISG). The filing notes MIAX has surveillance sharing through ISG with markets such as CME and Coinbase Derivatives.
Immediate listing without extra approvals
The Exchange may list and trade qualifying options on Commodity-Based Trusts without needing additional Commission approvals once the ETF meets the initial listing criteria, and the Exchange seeks to make the rule operative upon filing (filed December 5, 2025).
Existing Bitcoin ETFs already have options
MIAX currently lists and trades options on several Bitcoin-related trusts and ETFs (for example: iShares Bitcoin Trust; Fidelity Wise Origin Bitcoin Fund; ARK21Shares Bitcoin ETF; Grayscale Bitcoin Trust (BTC); Grayscale Bitcoin Mini Trust BTC; Bitwise Bitcoin ETF).
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