Nasdaq Pushes Crypto Trust Options into Mainstream Trading
Published Date: 10/1/2025
Notice
Summary
Nasdaq ISE wants to let people trade options on a new kind of trust that holds lots of different cryptocurrencies. This change affects investors interested in crypto options and could open up fresh ways to invest starting soon after approval. It’s a big step toward mixing traditional trading with the crypto world, potentially shaking up how money moves in markets.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Exchange may list crypto-multi-asset options
The Exchange proposes a new rule (Options 4, Section 3(h)(vii)) to allow listing and trading of options on a Commodity-Based Trust that holds multiple crypto assets, provided the trust meets Nasdaq Rule 5711(d) and other Options 4 listing criteria. If approved, the Exchange could list such options without additional Commission approvals once the initial listing criteria are satisfied.
$700M market-value eligibility floor
Each crypto asset held by a Commodity-Based Trust must have a total global supply with an average daily market value of at least $700,000,000 over the last 12 months for options on that trust to be listed. The market value is calculated by multiplying total issued supply by the token price.
Position and exercise limits apply (up to 250,000)
Position and exercise limits for options on these Commodity-Based Trusts would follow Options 9, Sections 13 and 15; the largest and most frequently traded ETFs can have a limit of 250,000 contracts on the same side of the market, while smaller ETFs have lower limits (200,000; 75,000; 50,000; or 25,000 contracts).
Derivatives-market surveillance requirement
Each crypto asset in the Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, either directly or via Intermarket Surveillance Group (ISG) membership. The Exchange must ensure this requirement is met before listing options on the trust.
Options trade under standard ETF rules
Options on qualifying Commodity-Based Trusts would trade under the Exchange's existing ETF-options rules, including expirations, strike-price intervals, minimum increments, margin requirements, and continued-listing standards. For example, strike intervals would be $1 or greater for strikes at $200 or less and $5 or greater for strikes above $200, and penny-increment rules may apply where eligible.
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