MIAX Pearl Adds iShares Ethereum to Options Menu Immediately
Published Date: 4/17/2025
Notice
Summary
MIAX PEARL is updating its rules to let people trade options on the iShares Ethereum Trust, a popular crypto-related fund. This change means investors can now bet on Ethereum’s price moves through options on this exchange, starting right away. It’s a fresh way to mix crypto excitement with traditional trading, opening new chances for traders and investors.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Options on iShares Ethereum Trust Allowed
If you trade options or invest in ETFs, MIAX PEARL amended its rules to allow listing and trading of options on the iShares Ethereum Trust. The change was filed on April 9, 2025 and became effective upon filing under the Exchange Act rule the Exchange used.
25,000-Contract Position Limit Set
If you trade options on the iShares Ethereum Trust, the Exchange proposes a position and exercise limit of 25,000 contracts on the same side for this options class. That 25,000-contract limit is specified in the filing as the limit that will apply to the Trust.
Options Trading Mechanics and Terms Set
If you trade these options, they will be physically settled, American-style contracts with at least one expiration month at listing; the Exchange may list weekly, monthly, quarterly series and LEAPS that expire 12 to 39 months. Strike interval rules include $0.50 or greater where strike is under $100, $1 between $100 and $150, and $2.50 above $150; minimum pricing increments are $0.05 for option prices under $3.00 and $0.10 for prices $3.00 or higher.
Trust Backed by Ether with Custody Safeguards
If you hold shares of the iShares Ethereum Trust, those shares are backed by Ether held by a custodian (Coinbase Custody Trust Company) in a Custody Account, with private keys kept in cold storage. The Trust issues and redeems shares in Baskets of 40,000 shares.
Surveillance and Anti-Manipulation Measures Applied
If you trade the Trust shares or options, the Exchange says it will use existing surveillance and reporting safeguards, intermarket data-sharing (including Intermarket Surveillance Group and CME correlation), and FINRA regulatory arrangements to monitor trading and help deter manipulation. The filing states these surveillance measures will apply to the Trust options as to other ETF options.
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Previous: 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.
Next: 2025-06506 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 3120 (Position Limits), 5020 (Criteria for Underlying Securities), and 5055 (FLEX Equity Options) to List and Trade Options on the iShares Ethereum Trust
BOX Exchange is updating its rules to start listing and trading options on the iShares Ethereum Trust, a popular crypto-related fund. This change affects traders and investors who want more ways to trade Ethereum through options, with the new rules effective immediately. It’s a fresh move to bring crypto closer to traditional markets, opening new opportunities without delay.