Miami Exchange Paves Way for Options on Diverse Crypto Holdings
Published Date: 4/16/2026
Notice
Summary
Miami International Securities Exchange (MIAX) wants to update its rules to allow options trading on special trusts that hold lots of different cryptocurrencies. This change affects investors and traders interested in crypto options by setting clear rules for listing and removing these options. The new rules could start soon after approval, making crypto options more accessible and better regulated.
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Analyzed Economic Effects
6 provisions identified: 4 benefits, 2 costs, 0 mixed.
Options Allowed on Multi‑Crypto Trusts
MIAX proposes to allow listing and trading of options on Commodity-Based Trusts that hold multiple crypto assets by amending Exchange Rule 402(i)(6). If approved, options on such multi-crypto trusts could be listed and traded on the Exchange in the same manner as options on other ETFs once initial listing criteria are met.
Each Crypto Must Meet $700M Market Value
To qualify, the Exchange requires that the total global supply of each crypto asset held by a Commodity-Based Trust have an average daily market value of at least $700 million over the last 12 months. The Exchange will calculate market value as total supply multiplied by token price using publicly available sources.
Monthly and Daily Continued‑Listing Checks
The Exchange would monitor continued eligibility: the $700 million average daily market value test would be checked monthly, while the derivatives‑contract surveillance agreement requirement would be checked daily. If these criteria are no longer satisfied, the Exchange may delist or suspend options on the Commodity-Based Trust.
Immediate Listing After ETF Listing
The proposal allows the Exchange to list and trade qualifying options on a Commodity-Based Trust soon after the ETF is listed on its primary market, without additional approvals from the Commission, provided the initial listing criteria are met.
Derivatives Market Surveillance Requirement
Each crypto asset held by a Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, either directly or through common membership in the Intermarket Surveillance Group (ISG). The Exchange cites CME and Coinbase Derivatives as examples of ISG member markets with such contracts.
Same Trading Rules as Other ETF Options
Options on qualifying Commodity-Based Trusts would trade under the Exchange's existing ETF‑option rules, including expirations (weekly, monthly, quarterly, LEAPS), strike intervals, minimum increments (e.g., $0.05 increments when option price is under $3.00), position and exercise limits (up to 250,000 contracts for largest ETFs), and margin requirements.
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