PHLX Opens Doors for Ethereum Fund Options Trading Now
Published Date: 4/17/2025
Notice
Summary
Nasdaq PHLX is updating its rules to let people trade options on five popular Ethereum funds, including iShares and Grayscale trusts. This change means investors can now buy and sell options on these crypto-related funds right on the exchange, starting immediately. It’s a big step for anyone interested in Ethereum investments, making trading more flexible and accessible.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Options Listed on Five Ethereum Funds
If you have investments, you can now buy and sell exchange-listed options on five Ethereum-related funds: the iShares Ethereum Trust, the Fidelity Ethereum Fund, the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini Trust. The Exchange filed this change on April 10, 2025 and the Commission designated the rule change operative upon filing so trading may begin immediately.
25,000-Contract Position Limits Set
Options on each of the five Ether Trusts will have position and exercise limits of 25,000 contracts, as specified in Phlx Options 9, Section 13 (and Options 9, Section 15(a) for exercise limits). The Exchange adopted the 25,000-contract limit to match limits set in the Ether Approval Orders.
FLEX Options Not Authorized for Ether Trusts
Phlx will not authorize FLEX Options for the five Ether Trusts under Options 8, Section 34, meaning you cannot trade customizable FLEX option contracts on these funds on Phlx. The Exchange says this prevents creating different position and exercise limits than the 25,000-contract limits set for these trusts.
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Previous / Next Documents
Previous: 2025-06502 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules To Allow the Exchange To List Options on the iShares Ethereum Trust, the Fidelity Ethereum Fund, the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini Trust
Nasdaq is now letting people trade options on five popular Ethereum funds, including iShares and Grayscale. This change means investors can bet on or protect their Ethereum investments in new ways, starting right away. It’s a big deal for anyone interested in crypto and options trading, opening fresh chances to make money or manage risk.
Next: 2025-06504 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities To List and Trade Options on the iShares Ethereum Trust
MIAX Sapphire is updating its rules to let people trade options on the iShares Ethereum Trust, a popular crypto-related investment. This change affects investors who want more ways to trade Ethereum-linked products and kicks in right away with no extra fees. It’s a smart move to keep up with other exchanges and offer fresh trading choices.