MIAX PEARL Joins Bitcoin Options Frenzy on Exchanges
Published Date: 4/21/2025
Notice
Summary
MIAX PEARL wants to let people trade options on the VanEck Bitcoin Trust by updating their rules. This change affects investors interested in Bitcoin-related options and could open new ways to invest starting soon after approval. It’s a big move to keep up with other exchanges and offer fresh trading choices.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
New Listed Options on VanEck Bitcoin Trust
MIAX PEARL filed on April 1, 2025 (notice published April 21, 2025) to list and trade options on the VanEck Bitcoin Trust if the SEC approves. If approved, investors who trade options would be able to buy and sell listed options on this Bitcoin-backed ETF on MIAX PEARL rather than only in the OTC market.
Contract Terms: Settlement, Expirations, Strike Rules
The Exchange proposes the Trust options be physically settled with American-style exercise and may list weekly, monthly, quarterly, and LEAPS (12 to 39 months). Strike price intervals and minimum increments will follow Exchange Rules, including a minimum increment of $0.05 when an option price is under $3.00 and $0.10 when the price is $3.00 or higher.
Position and Exercise Limits Set at 25,000 Contracts
The Exchange proposes to set position and exercise limits for options on the VanEck Bitcoin Trust at 25,000 contracts on the same side of the market. The filing notes this is the lowest equity-options limit and is intended to address potential manipulation or adverse market impacts.
Surveillance, FINRA/ISG Sharing, and Capacity Safeguards
MIAX PEARL says it will apply existing surveillance procedures, has access to affiliate surveillances, is a member of the Intermarket Surveillance Group (ISG), and has a Regulatory Services Agreement with FINRA. The Exchange also states it and OPRA have the systems capacity to handle additional traffic from new option listings.
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Previous: 2025-06765 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, Exchange Rule 307, Position Limits, and Exchange Rule 309, Exercise Limits To Allow the Exchange To List and Trade Options on the VanEck Bitcoin Trust
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