Crypto Trusts Get Trading Options: MIAX Sapphire Rule Update
Published Date: 12/23/2025
Notice
Summary
MIAX Sapphire wants to update its rules so traders can buy and sell options on Commodity-Based Trust Shares, including those holding crypto assets. They’re adding new rules to make sure these trusts meet strict standards and have good surveillance to keep things safe. This change could open up fresh trading opportunities soon, with no immediate cost impact announced.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Options Allowed on Single-Coin Commodity ETFs
The Exchange will allow listing and trading of options on Commodity-Based Trust Shares that meet the primary listing market's generic listing standards and hold only a single crypto asset. The Exchange may list and open trading in qualifying options immediately once the initial listing criteria are met, without additional Commission approvals.
$700M Crypto Market-Value Threshold
To qualify for options listing, the total global supply of the crypto asset held by the Commodity-Based Trust must have an average daily market value of at least $700 million over the last 12 months (calculated as total supply multiplied by token price). The rule cites public sources (e.g., CoinGecko, CoinMarketCap) for supply and price information.
Derivatives Market & Surveillance Requirement
A qualifying Commodity-Based Trust's crypto asset must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, either directly or via common membership in the Intermarket Surveillance Group (ISG). The Exchange must ensure this requirement is met before listing options.
ETF-Style Trading Rules Apply
Options on qualifying Commodity-Based Trusts will trade under the Exchange's existing ETF-options rules, including standard expirations (monthly, weekly, quarterly, LEAPS), strike price interval programs (e.g., $0.50, $1, $2.50 rules), and position/exercise limits (up to 250,000 contracts for the largest ETFs, with smaller caps of 200,000, 75,000, 50,000, or 25,000 as applicable). Minimum quote increments: $0.05 when option price is under $3.00 and $0.10 when $3.00 or higher.
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