MIAX Gets Green Light for Bitcoin Options Bets
Published Date: 8/5/2025
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Options Now Listed on VanEck Bitcoin Trust
MIAX filed to list and trade options on the VanEck Bitcoin Trust and began doing so immediately after filing on July 30, 2025. This lets investors trade listed options tied to the VanEck Bitcoin ETF on MIAX under the Exchange's existing ETF-options rules.
25,000-Contract Position and Exercise Limit
MIAX set a position limit of 25,000 same-side option contracts for the VanEck Bitcoin Trust and made the exercise limit equivalent to that position limit. The filing took effect upon submission on July 30, 2025.
Listed Options Provide Surveillance and Clearing Protections
MIAX states options on the Fund will trade in a listed environment with OCC clearing and will be subject to MIAX surveillance, ISG information sharing (including CME), and FINRA surveillance arrangements. The Exchange expects some OTC activity to migrate to listed trading on MIAX.
Trading Mechanics: Settlement, Expirations, Increments
Options on the Fund will be physically settled American-style and may include weekly, monthly, quarterly expirations and LEAPS (12–39 months). Strike intervals and minimum increments will follow MIAX rules, including minimum increments of $0.05 when option price is under $3.00 and $0.10 when $3.00 or higher for Bitcoin Fund options (per Exchange Rule 510).
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