Feds Fine-Tune Tiny Price Jumps for Bitcoin Mini-Options Trading
Published Date: 12/31/2025
Notice
Summary
Cboe Exchange wants to change the smallest price steps for Mini Bitcoin U.S. ETF options to make trading fairer and easier, especially for prices under $3. This affects traders and investors who deal with these options and could impact how they buy and sell. The SEC is now deciding whether to approve this change by January 1, 2026.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
MBTX Options Minimum Price Steps
Cboe proposes that Mini Bitcoin U.S. ETF (MBTX) option series trade in $0.01 increments when the series price is below $3.00 and in $0.05 increments when the series price is $3.00 or higher. The SEC is reviewing the change and has until January 1, 2026 to approve, disapprove, or institute proceedings to disapprove the proposal.
Expected Narrower Spreads and More Liquidity
The Exchange states that finer $0.01 increments below $3.00 are expected to narrow bid-ask spreads, increase the number of available price points, and raise order flow and liquidity in MBTX options. The Exchange says these changes would provide more precise pricing that could benefit investors who trade these options.
Parity With IBIT Options to Aid Hedging
The Exchange proposes aligning MBTX option pricing increments with those of IBIT options (a component of MBTX), saying that parity would let market participants hedge MBTX with IBIT more easily and trade related products at more granular prices. The Exchange notes IBIT options qualify for the Penny Interval Program and that competitive reasons support similar increments for MBTX.
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