MIAX PEARL Crafts Rules for Trading Options on Crypto Trust Baskets
Published Date: 4/16/2026
Notice
Summary
MIAX PEARL is updating its rules to set clear standards for listing and removing options tied to trusts holding multiple cryptocurrencies. This change affects traders and investors who deal with crypto-based options, aiming to keep the market fair and transparent. The new rules could roll out soon, helping everyone know what’s allowed and when options might be pulled.
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Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Multi‑Crypto ETFs May Support Options
The Exchange will allow listing and trading of options on Commodity‑Based Trusts that hold multiple crypto assets if each underlying crypto asset has an average daily market value of at least $700 million over the last 12 months and if each asset underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance‑sharing agreement (including via Intermarket Surveillance Group membership).
Monthly and Daily Continued‑Listing Tests
The Exchange will monitor continued eligibility: the $700 million average daily market value test must be met on a monthly basis, while the requirement that each crypto asset underlie a derivatives contract on a market with a comprehensive surveillance agreement must be met on a daily/continuous basis. If these criteria are no longer satisfied, the Exchange may delist options or suspend trading in the affected option class.
Immediate Listing Without Extra SEC Approval
If an ETF meets the primary listing market's generic listing standards and the Exchange's criteria, the Exchange may immediately list and trade qualifying options on that Commodity‑Based Trust without additional Commission approvals once the initial listing criteria are met. This allows market participants to access options for hedging soon after the ETF begins trading on its primary market.
Same Trading Rules as Other ETF Options
Options on qualifying Commodity‑Based Trusts will trade under the Exchange's existing ETF option rules: they may be listed with weekly, monthly, quarterly expirations or LEAPS (12 to 39 months), observe established strike price intervals, and use minimum increments of $0.05 when option price is below $3.00 and $0.10 when $3.00 or higher; position limits for the largest ETFs can reach 250,000 contracts. Margin, position/exercise limits, and other existing rules for ETF options will apply in the same manner.
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