SEC OKs Options Trading on Multi-Crypto Trusts at Cboe Exchange
Published Date: 4/13/2026
Notice
Summary
Cboe Exchange just got the green light to list options on special trusts that hold multiple cryptocurrencies, not just one. This means investors can now trade options on these multi-crypto trusts under clear rules about what qualifies and when they can be removed. The new rules kick in soon and could open fresh trading opportunities without extra costs for investors.
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Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Cboe Can List Multi‑Crypto Options
The SEC approved on April 8, 2026 a Cboe rule change allowing the Exchange to list and trade options on Commodity-Based Trusts that hold multiple crypto assets without additional Commission approval. This gives investors another way to gain or hedge exposure to trusts that hold multiple cryptocurrencies.
Each Crypto Must Meet $700M Liquidity
Under the new rule, each crypto asset held by a Commodity-Based Trust must have an average daily market value of at least $700,000,000 over the last 12 months and must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement. The Exchange will calculate market value by multiplying total global supply by the token price.
Trading Can Be Suspended If Standards Lapse
The Exchange may suspend opening transactions in options on a Commodity-Based Trust if any crypto asset in the trust no longer (A) has an average daily market value of at least $700,000,000 over the last 12 months (determined monthly) or (B) underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement. The Exchange may also suspend trading if continued dealing is deemed inadvisable.
Options Follow Existing Unit Trading Rules
Options on these Commodity-Based Trust shares will trade under the Exchange's existing Unit options rules, including permissible expirations, strike prices, minimum increments, applicable position and exercise limits, and margin requirements, and the underlying shares must be NMS stocks meeting Exchange Rule 4.3 guidelines.
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