MIAX Sapphire Joins Bitcoin Options Trading Party Now
Published Date: 8/5/2025
Notice
Summary
MIAX Sapphire is updating its rules to let people trade options on the VanEck Bitcoin Trust, a popular Bitcoin investment fund. This change means investors can now buy and sell options tied to Bitcoin through MIAX starting right away. It’s a smart move to keep up with other exchanges and offer more ways to invest in Bitcoin without buying the actual coins.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Options on VanEck Bitcoin Trust Live Now
MIAX Sapphire amended its rules to list and trade options on the VanEck Bitcoin Trust, and the rule change became operative upon filing on July 30, 2025. This means investors who trade on MIAX can immediately buy and sell options tied to the VanEck Bitcoin Trust on that exchange.
Position and Exercise Limits Set at 25,000
The Exchange proposes a position and exercise limit of 25,000 contracts on the same side for options on the VanEck Bitcoin Trust. The 25,000-contract limit is the specific cap the Exchange set for this Fund.
Settlement, Expirations, and LEAPS Rules
Options on the Fund will be physically settled American-style and the Exchange will open at least one monthly expiration at commencement; weekly, monthly, quarterly series and LEAPS expiring 12 to 39 months may also be listed. Strike price intervals and additional strike programs will follow Exchange Rules 404 and 510.
Minimum Price Increments for Fund Options
The Exchange will apply minimum pricing increments for Bitcoin Fund options consistent with Exchange Rule 510: where the option price is less than $3.00 the minimum increment is $0.05, and where the option price is $3.00 or higher the minimum increment is $0.10. These increments will apply to new series listed for the Fund.
Surveillance, Clearing, and Market Protections
The Exchange will apply existing surveillance procedures and rely on information sharing through the Intermarket Surveillance Group (CME/ISG), FINRA regulatory services, and OCC clearing to monitor options on the Fund. The Exchange stated it has capacity and will implement any additional surveillance procedures it deems necessary to deter manipulation.
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Previous: 2025-14764, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, To List and Trade Options on the VanEck Bitcoin Trust
MIAX PEARL is updating its rules to let people trade options on the VanEck Bitcoin Trust, a fund tied to Bitcoin. This change means investors can now buy and sell options on this Bitcoin-related fund right away on MIAX PEARL. It’s a fresh move to keep up with other exchanges and offer more ways to invest in crypto without buying Bitcoin directly.
Next: 2025-14766, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness 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
Miami International Securities Exchange (MIAX) is updating its rules to start listing and trading options on the VanEck Bitcoin Trust. This change affects traders and investors by setting new limits on how many options they can hold and exercise. The new rules took effect right after filing on July 30, 2025, opening fresh opportunities in Bitcoin-related trading.