MIAX PEARL Greenlights Options on Top Ethereum Investment Funds
Published Date: 4/17/2025
Notice
Summary
MIAX PEARL is updating its rules to let people trade options on three popular Ethereum-related funds: the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and the Bitwise Ethereum ETF. This change means investors can now use options to bet on or protect their investments in these crypto funds starting right away. If you’re into trading or crypto, this opens up fresh ways to play the market with Ethereum funds.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Options Allowed on Three Ether Funds
On April 11, 2025 MIAX PEARL filed a rule change to allow the Exchange to list and trade options on the Grayscale Ethereum Trust (ETHE), the Grayscale Ethereum Mini Trust (ETH), and the Bitwise Ethereum ETF (ETHW). Trading in those options will not begin until The Options Clearing Corporation (OCC) represents it can fully clear and settle such options.
Customer Disclosures and Suitability Required
Before trading options on the Ether Funds, customers must receive appropriate disclosure and brokers opening accounts or recommending these options must comply with customer suitability standards under the Exchange's rules (MIAX Rules 1307(b) and (e), and MIAX Rule 1309).
Position/Exercise Limits Proposed at 25,000
MIAX PEARL proposes that position and exercise limits for options on each Ether Fund be 25,000 contracts on the same side of the market pursuant to proposed Interpretation and Policy .01 to MIAX Rules 307 and 309.
Contract Terms: Settlement, Strikes, Increments, Expirations
Options on the Ether Funds will be physically settled American-style; the Exchange will open at least one expiration month at commencement and may list weekly, monthly, quarterly, or LEAPS (12–39 months). Strike intervals will be $1 for strike prices $200 or less and $5 for strikes over $200, and minimum price increments will be $0.05 when an option's price is less than $3.00 and $0.10 when the price is $3.00 or higher (with participation possible in penny-strike programs as applicable).
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Department and Agencies
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Previous / Next Documents
Previous: 2025-06518, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rules To List and Trade Options on the Grayscale Ethereum Trust ETF, the Grayscale Ethereum Mini Trust ETF, and the Bitwise Ethereum ETF
Cboe Exchange is now letting traders buy and sell options on three popular Ethereum ETFs: Grayscale Ethereum Trust, Grayscale Ethereum Mini Trust, and Bitwise Ethereum ETF. This change means more ways to invest in Ethereum through options, starting right away. Investors and traders can jump in immediately to explore new opportunities with these crypto-related ETFs.
Next: 2025-06520, Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule by Introducing an NBBO Setter Program Under Proposed New Fee Code SS and Introducing a Definitions Section to the Fee Schedule
Cboe EDGA Exchange is updating its fee schedule by adding a new NBBO Setter Program with a special fee code SS and a clear Definitions section. This change affects traders using the EDGA equities platform and takes effect immediately, aiming to reward those who help set the best prices. Expect clearer rules and new fee details starting April 9, 2025.