# 2025-08551: Ethereum Options Hit MEMX: Crypto Bets Go Legit

2025-08551, Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Allow the Exchange To List and Trade Options on the iShares Ethereum Trust, is a Federal Register notice from Securities and Exchange Commission published 2025-05-15, effective 2025-05-05; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08551
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08551
- Title: Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Allow the Exchange To List and Trade Options on the iShares Ethereum Trust
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20707
- Published: 2025-05-15
- Effective: 2025-05-05
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Ethereum Options Hit MEMX: Crypto Bets Go Legit

## Summary

MEMX is now letting traders buy and sell options on the iShares Ethereum Trust, a popular crypto fund. This change means investors can use new strategies with Ethereum without owning the crypto directly. The update took effect right away on May 5, 2025, opening fresh opportunities in the market.

## Effects PRIA read

- Listed Options Now Available on iShares Ethereum Trust: benefit, medium. The MEMX exchange is allowed to list and trade options on the iShares Ethereum Trust, effective May 5, 2025. You can now trade listed options tied to this ETF to get exposure to ether without owning ETH directly.
- Contract Terms: Settlement, Expiries, Strike Rules: benefit, low. Options on the Trust will be physically settled American-style contracts and may be listed with weekly, monthly, quarterly expirations, and LEAPS that expire 12 to 39 months after listing. Strike price intervals will be $1 (when strike is $200 or less) or $5 (when strike is over $200), and minimum…
- Position and Exercise Limits Set at 25,000: mixed, medium. MEMX proposes that position and exercise limits for options on the iShares Ethereum Trust be set at 25,000 contracts on the same side. These limits are lower than many standard industry limits and are described as conservative.
- Listed Trading Brings Transparency, OPRA Quotes, OCC Backing: benefit, medium. Quotes and last-sale data for the Trust will be available via the CTA (for the ETF) and OPRA (for options); listed options will be issued and guaranteed by the Options Clearing Corporation (OCC). MEMX expects some OTC options activity to migrate to the listed market, improving transparency and coun…
- Customer Disclosures and Broker Suitability Required: benefit, low. Before trading Trust options customers must receive appropriate disclosures and brokers recommending or opening accounts must comply with customer suitability standards under MEMX rules. These requirements apply to trading options in the Trust.

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-08551 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/15/2025-08551/self-regulatory-organizations-memx-llc-notice-of-filing-and-immediate-effectiveness-of-a-proposed)
- [2025-08551 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-15/pdf/2025-08551.pdf)

## Related
- [Previous: 2025-08550, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-08550)
- [Next: 2025-08552, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediat…](https://policyrisk.com/federal-register/2025-08552)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08551 (as of 2026-06-08).