# 2025-10976: MEMX Unlocks Options Trading on Ethereum ETFs Galore

2025-10976, 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 Fidelity Ethereum Fund, the Grayscale Ethereum Trust ETF, the Grayscale Ethereum Mini Trust ETF, and the Bitwise Ethereum ETF, is a Federal Register notice from Securities and Exchange Commission published 2025-06-17, effective 2025-05-29; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-10976
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-10976
- 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 Fidelity Ethereum Fund, the Grayscale Ethereum Trust ETF, the Grayscale Ethereum Mini Trust ETF, and the Bitwise Ethereum ETF
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 25710
- Published: 2025-06-17
- Effective: 2025-05-29
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

MEMX Unlocks Options Trading on Ethereum ETFs Galore

## Summary

MEMX is now letting folks trade options on four popular Ethereum ETFs, including the Fidelity and Grayscale funds. This change means investors can get more creative with their Ethereum bets starting right away. If you trade options or ETFs, this opens up fresh ways to play the crypto market with familiar tools.

## Effects PRIA read

- MEMX will list options on four Ethereum ETFs: benefit, medium. MEMX filed a rule change on May 29, 2025 to allow listing and trading of options on four Ethereum-based funds: the Fidelity Ethereum Fund (FETH), the Grayscale Ethereum Trust ETF (ETHE), the Grayscale Ethereum Mini Trust ETF (ETH), and the Bitwise Ethereum ETF (ETHW). This change enables investors…
- 25,000-contract position limit set: cost, medium. The Exchange will set position and exercise limits for options on each of the four Ethereum Funds at 25,000 contracts. A 25,000-contract position limit effectively caps receipt on exercise at 2,500,000 underlying shares (the filing shows this equals about 1.4% of ETHE, 5.5% of ETH, and 15.1% of ETH…
- Options will be physically settled and American-style: benefit, low. Options on the Ethereum Funds will be physically settled contracts with American-style exercise. MEMX will open at least one expiration month at commencement of trading and may list weekly, monthly, quarterly series and long-term equity option series (LEAPS) that expire from 12 to 39 months.
- Strike intervals and minimum increments defined: mixed, low. Strike price intervals for Ethereum Fund options will be $1 when strike ≤ $200 and $5 when strike > $200, with MEMX able to use $1, $0.50, $2.50, and $5 strike programs. Minimum quote increments will be $0.05 for option prices below $3.00 and $0.10 for prices $3.00 or higher, with penny-interval ex…

## 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
- [2025-10976 on federalregister.gov](https://www.federalregister.gov/documents/2025/06/17/2025-10976/self-regulatory-organizations-memx-llc-notice-of-filing-and-immediate-effectiveness-of-a-proposed)
- [2025-10976 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-06-17/pdf/2025-10976.pdf)

## Related
- [Previous: 2025-10975, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2025-10975)
- [Next: 2025-10977, Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE American LLC;…](https://policyrisk.com/federal-register/2025-10977)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-10976 (as of 2026-06-08).