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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
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.