MIAX Eyes Bitcoin Options: Crypto Trading Gets Legit Boost
Published Date: 4/21/2025
Notice
Summary
Miami International Securities Exchange (MIAX) wants to start trading options on the VanEck Bitcoin Trust by updating some of its rules about what securities can be traded and how many options traders can hold or exercise. This change affects investors interested in Bitcoin-related options and could open new ways to trade crypto assets starting soon after approval. It’s a big step toward mixing traditional options trading with the exciting world of Bitcoin!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Listed Options on VanEck Bitcoin Trust
On April 1, 2025 MIAX filed to allow listing and trading of options on the VanEck Bitcoin Trust. The Exchange says these options will be physically settled, American-style, and it will open at least one expiration month at commencement; it may also list weekly, monthly, quarterly series, and LEAPS that expire 12 to 39 months from listing.
25,000-Contract Position and Exercise Cap
MIAX proposes a position limit of 25,000 same-side option contracts for the Trust and exercise limits equivalent to that position limit. If all were exercised, those options would represent 2,500,000 Trust shares, which is 5.01% of the Trust's 49,900,000 outstanding shares as reported on March 5, 2025.
Strike Intervals and Minimum Increments
The Exchange will use its standard strike price intervals and minimum increments for Trust options. For short-term/weekly programs the Exchange may use $0.50 intervals below $100, $1 intervals between $100 and $150, and $2.50 or greater above $150. Under Exchange Rule 510, where the option price is less than $3.00 the minimum increment is $0.05, and where the price is $3.00 or higher the minimum increment is $0.10.
Surveillance, Clearing, and Market Protections
MIAX will apply its existing surveillance program to Trust options, has access to affiliate surveillances, participates in the Intermarket Surveillance Group, and uses a Regulatory Services Agreement with FINRA. The Exchange and OCC will provide listed-market clearing and surveillance that the Exchange says helps detect and deter manipulation.
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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."
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2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
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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!
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