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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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
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.