BOX Exchange Enables iShares Ethereum Options Trading Today
Published Date: 4/17/2025
Notice
Summary
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.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 1 costs, 0 mixed.
BOX Will List Ethereum ETF Options
You can trade options on the iShares Ethereum Trust on BOX Exchange. BOX filed the rule change on April 10, 2025 and the change is effective immediately, so options on this spot ether-backed ETF may be listed and traded like other ETF options.
25,000-Contract Position Limit Set
Options on the iShares Ethereum Trust will have a same-side position limit of 25,000 contracts and equivalent exercise limits. The Exchange proposes this 25,000 limit in IM-3120-2 and notes the exercise limits under Rule 3140 will match it.
Trust Excluded from FLEX Equity Options
The Exchange will exclude the iShares Ethereum Trust from being authorized for trading as FLEX Equity Options under Rule 5055. BOX may file a separate proposal later if it decides to permit FLEX trading for the Trust.
Strike Intervals and Minimum Increments
Strike intervals for Trust options will follow IM-5050-1(b): strikes will be $1 or greater when the strike price is $200 or less and $5 or greater when the strike price is over $200. Minimum quoting increments follow Rule 7050: if an option price is under $3 the minimum increment is $0.05, and if $3 or higher the minimum increment is $0.10.
Settlement Style and Available Expirations
Options on the Trust will be physically settled contracts with American-style exercise. BOX may list weekly, monthly, quarterly series and long-term equity option series (LEAPS) that expire from 12 to 180 months.
Surveillance, Market Data, and Transparency Measures
BOX will apply its existing surveillance programs, use Intermarket Surveillance Group (ISG) information-sharing and FINRA arrangements, and make quotation and last-sale data for Trust shares available via CTA and options data via OPRA. BOX says it and OPRA have the capacity to handle the added data traffic.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2025-06505, Self-Regulatory Organizations; MIAX PEARL, 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 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.
Next: 2025-06507, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; 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
Cboe BZX Exchange just updated 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 or protect their Ethereum Trust shares starting right away. If you’re into trading or crypto, this opens up fresh ways to play the market with options tied to Ethereum’s value.