Miami Exchange Adds Ethereum ETF Options Trading Rules
Published Date: 4/17/2025
Notice
Summary
Miami International Securities Exchange 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 affects traders and investors who want more ways to invest in Ethereum through options. The new rules are effective immediately, opening fresh opportunities in the market right now!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Options Added for Three Ethereum Funds
MIAX will list and trade options on the Grayscale Ethereum Trust (ETHE), the Grayscale Ethereum Mini Trust (ETH), and the Bitwise Ethereum ETF (ETHW). This change was filed April 11, 2025 and is effective immediately, giving traders and investors new ways to gain exposure to ether through options on these specific funds.
25,000-Contract Position/Exercise Limit
MIAX proposes that options on each Ether Fund be subject to a position and exercise limit of 25,000 contracts (equivalent to 2,500,000 shares). The Exchange notes this is the default/lowest equity-options limit and may file later to raise the limit based on additional trading data.
Physical, American-Style Contracts & Expirations
Options on the Ether Funds will be physically settled, American‑style contracts. MIAX may list series with weekly, monthly (third Friday expirations), quarterly, and long-term equity option (LEAPS) expirations (LEAPS expiring 12 to 39 months).
Strike Intervals and Minimum Increments Set
MIAX will set strike-price intervals and minimum trading increments for Ether Fund options: strike intervals of $1 or greater when strikes are $200 or less and $5 or greater when strikes are over $200; minimum increments of $0.05 when option price is under $3.00 and $0.10 when option price is $3.00 or higher (with participation in other interval programs possible).
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