MIAX Sapphire Enables Options Trading on Multi-Asset Crypto Trusts
Published Date: 4/16/2026
Notice
Summary
MIAX Sapphire is updating its rules to allow options trading on special trusts that hold lots of different cryptocurrencies. This change affects investors and traders interested in crypto-based options and sets clear rules for adding or 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
7 provisions identified: 5 benefits, 2 costs, 0 mixed.
Options Allowed on Multi‑Crypto Trusts
The Exchange proposes to allow listing and trading of options on Commodity-Based Trusts that hold multiple crypto assets (not just a single crypto asset). If approved, qualifying ETFs that hold multiple crypto assets could have options listed and traded on MIAX Sapphire under the Exchange's ETF options rules.
Hard $700M Per‑Asset Listing Threshold
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 to qualify for options listing. The Exchange calculates market value as total global supply of the crypto asset multiplied by the token price (using public sources such as CoinGecko or CoinMarketCap).
Monthly and Daily Continued Listing Checks
After listing, each crypto asset in the trust must continue to meet the $700,000,000 average daily market value test on a monthly basis, and the derivatives‑contract surveillance requirement on a daily (continuous) basis. If those standards are no longer met, the Exchange may halt, suspend, or delist options on the Commodity-Based Trust.
Faster Listing Without Extra SEC Approvals
The Exchange states that, for Commodity-Based Trusts meeting the generic listing standards and the new crypto asset criteria, it may list options without needing additional Commission approvals, allowing options to be listed soon after the ETF is listed on its primary market.
Derivatives Market Surveillance Requirement
Each crypto asset held by the Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement (directly or via Intermarket Surveillance Group membership). That surveillance link is required before listing options on the trust.
ETF‑Options Rules Apply to Crypto Trust Options
Options on qualifying Commodity-Based Trusts would trade under the Exchange's existing ETF‑options rules for expirations, strike price intervals, minimum increments, position and exercise limits, and margin requirements (for example, position limits up to 250,000 contracts for largest ETFs, and minimum increments of $0.05 when option price is under $3.00).
Exchange Surveillance and Capacity Assurances
The Exchange represents that its existing surveillance procedures and reporting safeguards will apply to options on these Commodity-Based Trusts, and that it and OPRA have the systems capacity to handle additional traffic; it also notes existing surveillance sharing with CME and Coinbase Derivatives via ISG.
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